C.R.S. Section 39-21-107
Limitations

(1)

Except as provided in this section, in section 29-2-106.1 (5)(b), and unless such time is extended by waiver, the amount of any tax or of any charge on oil and gas production imposed pursuant to articles 24 to 29 of this title 39 or article 3 of title 42, and the penalty and interest applicable thereto, shall be assessed within three years after the return was filed, whether or not such return was filed on or after the date prescribed, and no assessment shall be made or credit taken and no notice of lien shall be filed, nor distraint warrant issued, nor suit for collection instituted, nor any other action to collect the same commenced after the expiration of such period; except that a written proposed adjustment of the tax liability by the department issued prior to the expiration of such period shall extend the limitation of this subsection (1) for one year after a final determination or assessment is made. No lien shall continue after the three-year period provided for in this subsection (1), except for taxes assessed before the expiration of such period, notice of lien with respect to which has been filed prior to the expiration of such period, and except for taxes on which written notice of any proposed adjustment of the tax liability has been sent to the taxpayer during such three-year period, in which case the lien shall continue for one year only after the expiration of such period or after the issuance of a final determination or assessment based on the proposed adjustment issued prior to the expiration of the three-year period. This subsection (1) shall not apply to income tax or to any tax imposed under article 23.5 of this title 39.

(2)

In the case of an income tax imposed by article 22 of this title 39, unless such time is extended by waiver and except as provided in subsection (2.5) of this section, section 39-22-601 (6)(e), and section 39-22-601.5, the assessment of any tax, penalties, and interest shall be made within one year after the expiration of the time provided for assessing a deficiency in federal income tax or changing the reported federal taxable income of a partnership, limited liability company, or fiduciary; except that a written proposed adjustment of the tax liability by the department must extend the limitation of this subsection (2) for one year after a final determination or assessment is made. An assessment of income taxes having been made according to law must be good and valid and collection thereof may be enforced at any time within six years from the date of said assessment.

(2.5)

Any limitations applicable to taxes, penalties, interest, fines, or charges within the scope of this article 21, as set forth in section 39-21-102, are suspended:

(a)

For any period during which the taxpayer’s assets are in the control or custody of a court in any proceeding before any court of the United States or any state, and for six months thereafter; or

(b)

For any period during which the department is prohibited from collecting by reason of a case under title 11 of the United States Code, and for six months thereafter.

(3)

For purposes of this section, a tax return filed before the last day prescribed by law or by regulation promulgated pursuant to law for the filing thereof shall be considered as filed on such last day.

(4)

In the case of failure to file a return or the filing of a false or fraudulent return with intent to evade tax, the tax may be assessed and collected at any time.

(5)

Where, before the expiration of the time prescribed in this section for the assessment of tax, both the executive director of the department of revenue or his delegate and the taxpayer have consented in writing to an assessment after such time, the tax may be assessed at any time prior to the expiration of the period agreed upon. The period so agreed upon may be extended by subsequent agreements in writing made before the expiration of the period previously agreed upon.

(6)

Nothing in this section shall be construed to limit any right accrued or revive any liability barred by any statute enacted on or before July 1, 1965.

Source: Section 39-21-107 — Limitations, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-39.­pdf (accessed Oct. 20, 2023).

39‑21‑101
Definitions 39‑21‑102
Scope 39‑21‑103
Hearings 39‑21‑104
Rejection of claims 39‑21‑104.5
Frivolous submissions 39‑21‑105
Appeals 39‑21‑105.5
Notice - first-class mail - definition 39‑21‑106
Compromise 39‑21‑107
Limitations 39‑21‑108
Refunds 39‑21‑109
Interest on underpayment, nonpayment, or extensions of time for payment of tax 39‑21‑110
Interest on overpayments - repeal 39‑21‑110.5
Rate of interest to be fixed 39‑21‑111
Jeopardy assessment and demands 39‑21‑112
Duties and powers of executive director 39‑21‑113
Reports and returns - rule - repeal 39‑21‑114
Methods of enforcing collection 39‑21‑114.5
Surrender of property subject to levy - definition 39‑21‑115
Reciprocity with other states for collection of taxes provided 39‑21‑116
Closing agreements 39‑21‑116.5
Penalties - repeal 39‑21‑117
Saving clause 39‑21‑118
Criminal penalties - repeal 39‑21‑119
Filing with executive director - when deemed to have been made 39‑21‑119.5
Mandatory electronic filing of returns - mandatory electronic payment - penalty - waiver - definitions 39‑21‑120
Signature and filing alternatives for tax returns 39‑21‑121
Unclaimed property offset - definition 39‑21‑201
Program established 39‑21‑301
Legislative declaration 39‑21‑302
Definitions 39‑21‑303
Tax profile and expenditure report 39‑21‑304
Tax expenditure - tax preference performance statement - tax expenditure repeal requirement 39‑21‑305
Tax expenditure - state auditor evaluation 39‑21‑401
Legislative declaration 39‑21‑402
Definitions 39‑21‑403
Legislative oversight committee concerning tax policy - creation - duties - report 39‑21‑404
Task force concerning tax policy - creation - membership - duties 39‑21‑405
Repeal of part
Green check means up to date. Up to date

Current through Fall 2024

§ 39-21-107’s source at colorado​.gov