Denver (AP) Governor Ritter says Colorado is cashing in on its rich energy future. Now it has to figure out how to spend the severance taxes that are being generated.
He also says the state needs to look at ways to increase what severance taxes the state collects.
Ritter spoke today to Colorado news editors and publishers at their annual convention in Denver.
He says Wyoming and New Mexico tax the mineral industry at about the same rate as Colorado. But Colorado provides a tax credit that is offset against the property taxes paid to local government.
He says state lawmakers could increase severance taxes or reduce the tax credits. If lawmakers don't act, others are willing to put a measure on the ballot to collect more money.