7/30 UPDATE: An astute reader noted that Polis appears to be claiming an agricultural tax subsidy on his million dollar “bucolic getaway” in Weld County.
FLASHBACK TO 2011: “Colorado tax break intended for struggling farmers enriches developers, investors”
Is Congressman Polis abusing his apparent agricultural tax subsidy?
OUR VIEW: Congressman Polis hates fracking, but his investment adviser doesn’t.
Last week Congressman Jared Polis sued his neighbor to stop them from drilling on their own property, because it “caused a loss of enjoyment” on his million dollar vacation home in Weld County. The suit has since been withdrawn to give Polis and his lawyers more time to gather evidence.
In the meantime it’s worth exploring the evidence that Polis is a hypocrite of the highest order — suing to stop his neighbor from profiting from the very same industry in which Polis profits with personal investments.
Based on Polis’s 2011 financial disclosure form (he still hasn’t filed his 2012 form), Polis has between $1 million and $5 million invested in the oil and gas industry.
According to the form Polis has $1,000-$15,000 invested in the Bow River Capital Fund II LP and $1 million – $5 million in the Bow River Capital Fund IV LP.
See the screenshot from Polis’s disclosure form below to see where these funds have their money:
That looks like plenty of companies making money off of the oil and gas industry. If Polis makes money off of oil and gas, why does he think he has the right to stop his neighbor from doing the same?
Let’s dig a little deeper into those numbers. If Polis has a full $5 million in oil and gas investments, and Polis earned an extremely conservative, by oil and gas standards, 8% on his investment, that means that last year Polis would have grossed $400,000.
Is Jared Polis getting fracked? Not hardly. Thanks to his hefty investment in oil and gas companies, Polis is actually getting frackin’ rich.
(Congressman Polis’s full 2011 financial disclosure form is embedded after the jump)