Amendment 58 was a proposed initiative

Initiative

In political science, an initiative is a means by which a petition signed by a certain minimum number of registered voters can force a public vote...

 on the Colorado

Colorado

Colorado is a U.S. state that encompasses much of the Rocky Mountains as well as the northeastern portion of the Colorado Plateau and the western edge of the Great Plains...

 ballot of 2008 regarding Colorado's severance tax

Severance tax

Severance taxes are incurred when non-renewable natural resources are separated from a taxing jurisdiction. Industries that typically incur such taxes are oil and gas, coal, mining, and timber industries....

. It was turned down by 57.9% of the voters.

Effect

The initiative stated that Amendment 58 would:

• "increase the amount of state severance taxes paid by oil and natural gas
  Natural gas
  Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
  
   companies, primarily by eliminating an existing state tax credit
  Tax credit
  A tax credit is a sum deducted from the total amount a taxpayer owes to the state. A tax credit may be granted for various types of taxes, such as an income tax, property tax, or VAT. It may be granted in recognition of taxes already paid, as a subsidy, or to encourage investment or other behaviors...
  
  
• "allocate the increased severance tax revenue to college scholarships for state residents, wildlife habitat, renewable energy
  Renewable energy
  Renewable energy is energy which comes from natural resources such as sunlight, wind, rain, tides, and geothermal heat, which are renewable . About 16% of global final energy consumption comes from renewables, with 10% coming from traditional biomass, which is mainly used for heating, and 3.4% from...
  
   projects, transportation projects in energy-impacted areas, and water treatment
  Water treatment
  Water treatment describes those processes used to make water more acceptable for a desired end-use. These can include use as drinking water, industrial processes, medical and many other uses. The goal of all water treatment process is to remove existing contaminants in the water, or reduce the...
  
   grants
• "exempt all oil and gas severance tax revenue from state and local spending limits.

Conflict with Amendment 52

Both Amendment 58 and 52 regard the handling of Colorado's use of the severance tax. While 58 would pour more money into college scholarships and natural resources, 52 would redirect the money into improving I-70.

Results