Colorado Revised Statutes Title 39. Taxation § 39-29-111. Withholding of income from oil and gas interest--definition

(1)(a) Every producer or purchaser who disburses funds that are owed to any person owning a working interest, a royalty interest, a production payment, or any other interest in any oil or gas produced in Colorado shall, unless such production is exempt under section 39-29-105 (1) and the producer or purchaser has registered such exempt production with the department of revenue in accordance with rules promulgated by the department, withhold from the amount owed to such person an amount equal to one percent of the gross income from such interest, except for income accruing to the United States or the state of Colorado or to any political subdivision of the state of Colorado. The amount withheld is based on gross income as defined in section 39-29-102(3)(a). On the first day of each month beginning with July 1, 2007, the aggregate of all such amounts withheld during the calendar month that was three months prior thereto shall be paid to the department in the manner set forth in section 39-21-119.5(4)(b). Nothing in this section shall be so construed as to reduce the tax imposed by this article 29.

(b) Repealed by Laws 2019, Ch. 395 (H.B. 19-1256), § 10, eff. Aug. 2, 2019.