Form Dr 0020e - Colorado Oil Shale Facility Severance Tax Return - 2011 Page 2
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1
2instructions for
Colorado Oil shale facility severance
Tax return
dr 0020e
—
Commercial production means production in excess of the
Taxpayer
the oil shale Facility severance tax is levied against every
first 15,000 tons per day of oil shale or 10,000 barrels per
person engaged in the severance of oil shale. It is levied at
day of shale oil, whichever is greater. the calculation of the
the rate below on the gross proceeds from each commercial
daily production shall be determined by dividing the total
oil shale facility.
production of a calendar month by the total number of days
in such month.
filing requirements
every individual, corporation, business trust, partner in a
exemption
partnership, association, estate, trust or any other legal entity
the production of the first 15,000 tons per day of oil shale
liable for the payment of Colorado severance tax must file
or 10,000 barrels per day of oil shale, whichever is greater,
a severance tax return. this return must be made for the
shall be exempt from the tax. the calculation of the daily
same tax year used for federal income tax purposes and is
production subject to the tax and to the exemption shall be
due on or before the 15th day of the fourth month following
determined by dividing the total production of a calendar
the end of the taxable year.
month by the total number of days in such month.
Controlled Group
impact assistance Credit
In case of a controlled group of corporations as defined in
a credit against the severance tax is allowed with respect
section 613a of the Internal Revenue Code or of a family
to contributions of property or money to units of local
(man, woman and minor children) where more than one
government. the amount of the credit must be certified by
member of the group or family are subject to the severance
the executive director of the Department of local affairs.
tax, the tax must be jointly computed and the severance tax
return must be jointly filed under the name of the principal
estimated Tax
every corporation subject to Colorado severance tax must file
taxpaying corporation, the married couple or the single adult.
a declaration of estimated tax, DR 0021Pe, if its severance tax
the DR 0021as, available upon request from the Department
liability for the current tax year can reasonably be expected to
of Revenue, must be attached in the case of a controlled
exceed its Colorado severance tax credits by $5,000 or more.
group of corporations.
interest and penalty
Tax rate
If the return is filed after the due date, interest at the current
the tax is assessed on the gross proceeds from each
statutory rate is due on any balance of tax due until paid.
commercial oil shale facility at the following rates:
a penalty of the larger of $30 or 30% of the balance of tax
the first 180 days following the commencement
due is due on any delinquently filed return. a corporation that
of commercial production
0 %
underpays its estimated tax may owe an estimated tax penalty.
the first year following
1 %
the second year following
2 %
direct deposit
The department can deposit your refund directly into your
the third year following
3 %
account at a u.s. bank or other financial institution (such as
the fourth year and each succeeding year following
4 %
a mutual fund, brokerage firm, or credit union) in the united
states.
Gross proceeds means the value of the oil shale at the point
of severance. such value shall be determined by deducting
extension of Time for filing
from the first sales price of the shale oil all costs, including
an automatic six-month extension of time for filing the
direct and indirect expenditures, for:
severance tax return is allowed. this form is an extension
(a) equipment and machinery;
of time for filing your severance tax return, not an extension
(b) fragmenting, crushing, conveying, beneficiating,
of time for paying your tax. If you owe additional tax, use the
pyrolysis, retorting, refining and transporting; and
DR 0021se to submit an extension payment.
(c) royalty payments.
amended return
Gross proceeds from the sale of oil shale severed from which
If you find it necessary to amend your Colorado severance
shale oil has not been extracted will be computed on first
tax return, you are required to file a DR 0020eX.
sales price as determined in the paragraph above. Gross
proceeds from the sale of shale oil where such is processed
information
by a centralized facility will be determined in the same manner.
Forms and additional information can be accessed on
Direct and indirect expenditures of processing oil shale after
the Web site at or by telephone at
mining are to be applied on the basis of generally accepted
303-238-seRV (7378).
accounting principles for any given period. excess cost of
one taxable year cannot be applied to another taxable year.
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