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Colorado oil gas withholding 2025

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The document provides instructions for producers and first purchasers regarding the preparation of the DR 0021W form for severance taxpayers in Colorado. It outlines how to report gross income, ad valorem taxes, and severance tax withheld for oil and gas production, including specific guidelines for cash and accrual accounting. Additionally, it emphasizes the requirement to submit an Oil and Gas Withholding Statement by March 1 each year and attach it to the Colorado Severance Tax Return.

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Click ‘Get Form’ to open the Colorado Oil Gas Withholding form in our editor.
In Boxes 1-5, enter the required information such as Well Name, Lease, Field, County, and API Well Number.
For Line 6, input the total gross income on both cash and accrual basis. Ensure you report all payments made during the year for cash basis.
Line 7 requires you to enter the portion of payments from tax-exempt oil and gas production from a stripper well.
On Line 8, report the ad valorem tax paid during the year for both cash and accrual basis.
Line 9 should reflect the ad valorem tax related to stripper well production.
Enter the severance tax withheld for the calendar year in Line 10.
Complete Boxes 11 and 12 with payee and payor information including names, SSN or ITIN, addresses, and account numbers.

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What is the withholding tax rate for Colorado?

Colorado Payroll Tax Rates Colorado has a flat income tax rate of 4.40%, meaning all residents pay the same amount regardless of their income levels.

Is Colorado a mandatory withholding state?

In general, whenever federal wage withholding is required for any Colorado wages, Colorado wage withholding is required as well. Wages that are exempt from federal wage withholding are generally also exempt from Colorado wage withholding.

What is the 2% withholding in Colorado?

Colorado 2% Withholding (DR 1083). This law affects non-Colorado residents or those parties moving out-of-state and not purchasing another primary residence. The amount, if withheld, shall be the lesser of 2% of the sales price of the property or the net proceeds.

What is the withholding allowance 0 or 1 or 2?

By placing a 0 on line 5, you are indicating that you want the most amount of tax taken out of your pay each pay period. If you wish to claim 1 for yourself instead, then less tax is taken out of your pay each pay period. 2. You can choose to have no taxes taken out of your tax and claim Exemption (see Example 2).

What is the 2% tax?

A minimum corporate income tax (MCIT) of two percent is imposed on the gross income of domestic and resident foreign corporations annually. It is imposed from the beginning of the fourth taxable year immediately following the commencement of the business operations of the corporation.

What is the Colorado oil and gas Act?

34-60-106 The COGCC has the authority to regulate Oil and gas operations so as to prevent and mitigate docHub adverse environmental impacts on any air, water, soil, or biological resource resulting from oil and gas operations to the extent necessary to protect public health, safety, and welfare, including

What is the 2 withholding in Colorado?

The amount withheld will be the lesser of two percent of the sales price of the interest in the property or the net proceeds that would otherwise be due to the seller as shown on the closing settlement statement.

Colorado oil gas withholding 2025

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