DENVER– A state audit has found Colorado may be losing significant tax revenue due to oil and gas companies failing to submit thousands of monthly reports used to track how much energy they produce.
Colorado Public Radio reports that the audit estimates the energy producers would have been subject to about $308 million in penalties for delinquent reports. The audit found regulators are not imposing penalties or tracking missing or incomplete production reports.
The reports help the state determine whether the companies have paid the correct tax amounts. The audit says 10% of operators also filed reports with missing information.