Big bucks piling up in battle over energy tax

DENVER, Colorado – Supporters and foes of ending a tax credit for the oil and gas industry have raised more than $12 million, making it the costliest issue campaign in Colorado history ” and the election is still six weeks out.

Amendment 58 would end tax deductions that allow the industry to take a credit of up to 87.5 percent of the prior year’s property tax liability from their severance taxes. Most of the estimated $300 million raised annually as a result would go to college scholarships.

Gov. Bill Ritter is leading a coalition of groups in support of the initiative.

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Lined up on the other side are such energy giants as Exxon Mobil, Chevron, ConocoPhillips and BP America, which have raised a total of $10 million to fight the proposal.