2016 Colorado Revised Statutes
Title 39 - Taxation
Specific Taxes
Article 29 - Severance Tax
§ 39-29-103. Tax on severance of metallic minerals

(1) In addition to any other tax, there shall be levied, collected, and paid for each taxable year a tax upon the severance from the earth in this state of all metallic minerals as to all such severance occurring on and after January 1, 1978. Such tax shall be levied against every mining operation engaged in the severance of metallic minerals and shall be based upon the gross income of such mining operation. The rate of the tax for all metallic minerals shall be as follows:

(a) For taxable years commencing prior to July 1, 1999:

Amount of gross income	on gross income
First $ 11,000,000	No tax
Amount exceeding $ 11,000,000	2.25%

(b) For taxable years commencing on or after July 1, 1999:

Amount of gross income	Percentage tax
	on gross income
First $ 19,000,000	No tax
Amount exceeding $ 19,000,000	2.25%

(2) There shall be allowed, as a credit against the tax computed in accordance with subsection (1) of this section, an amount equal to all ad valorem taxes assessed during the taxable year in the case of accrual basis taxpayers or paid during the taxable year in the case of cash basis taxpayers on producing mines valued for assessment pursuant to section 39-6-106. Such credit shall not exceed fifty percent of the tax computed in accordance with subsection (1) of this section.