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Book 21 Colorado Severance Tax Booklet If you are using a screen reader or other assistive technolog

Book 21 Colorado Severance Tax Booklet If you are using a screen reader or other assistive technolog 2025

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The document is the 2024 Colorado Severance Tax Booklet, which provides detailed instructions and forms (DR 0021, DR 0021D, DR 0021S) for filing severance tax on oil and gas production in Colorado. It outlines who must file, the filing process, deadlines, exceptions, and penalties for late submissions. The booklet also includes information on severance tax withholding, credits for ad valorem taxes, and specific instructions for completing the necessary forms. Additionally, it addresses issues related to deceased taxpayers and record retention.

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Is severance pay taxable in Colorado?

Yes, severance pay is taxable in the year that you receive it.

What is the state severance tax?

Severance tax is a state tax imposed on the extraction of non-renewable natural resources that are intended for consumption in other states. These natural resources include such as crude oil, condensate and natural gas, coalbed methane, timber, uranium, and carbon dioxide.

Is severance taxed at a higher rate?

Tax Implications in the U.S.: The severance payment would be considered additional income and would attract a flat 22% withholding rate for federal tax, along with any applicable state taxes (depending on the state). Social Security and Medicare taxes would also be applicable, subject to wage limits.

What are the natural resources for severance tax?

Severance taxes are taxes on the extraction of natural resources such as oil and natural gas. State and local governments collected a combined $11.8 billion in revenue from severance taxes in 2021.

How much is severance taxed in Colorado?

The minimum combined 2025 sales tax rate for Severance, Colorado is 5.9%. This is the total of state, county, and city sales tax rates. The Colorado sales tax rate is currently 2.9%. The Severance sales tax rate is 3.0%.

What is a Colorado form DR21W?

DR 0021W - Oil Gas Severance Withholding Statement. Any producer, working, royalty or other interest owner of oil and gas produced in Colorado is required to pay severance tax.

Do I have to file a Colorado severance tax return?

Anyone who receives income from oil and gas production and mining of nonrenewable natural resources must file a severance tax return. Severance tax might be due even though you do not realize a net profit on your investment.

How much is $100,000 taxed in Colorado?

If you make $100,000 a year living in the region of Colorado, USA, you will be taxed $26,786. That means that your net pay will be $73,214 per year, or $6,101 per month.

Book 21 Colorado Severance Tax Booklet If you are using a screen reader or other assistive technolog 2025

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