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Colorado Approves Tax Amnesty Program


Amnesty

Colorado Governor John Hickenlooper has signed legislation approving a tax amnesty program that will run from October 1, 2011 to November 15, 2011. The amnesty program will apply to corporate and personal income taxes, sales and use taxes and county or municipal sales taxes collected by the Department of Revenue, gasoline and special fuel taxes, cigarette and tobacco product taxes, severance taxes, certain local improvement district sales taxes, sales and use taxes imposed by the Regional Transportation District, Denver Metropolitan Scientific and Cultural Facilities District, Metropolitan Football Stadium, and regional transportation authorities, and local marketing and promotion taxes and county lodging and rental taxes collected by the Department of Revenue. Under the program, certain taxpayers will be allowed to pay certain overdue taxes, including half of any interest due, without incurring fines or civil or criminal penalties. To qualify, taxpayers must not have been billed for any overdue tax before October 1, 2011. Additionally, the overdue tax must have been due for returns or reports that needed to have been filed before December 31, 2010, including returns which the Department of Revenue granted an extension for. If a taxpayer doesn’t pay the full amount during the amnesty period or an agreed-upon payment schedule or commits willful fraud in filing, they will be subject to civil or criminal penalties. (S.B. 184, Laws 2011, effective as noted; Release, Office of Colorado Gov. Hickenlooper, June 3, 2011)

(06/24/2011)
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