C.R.S. Section 39-21-110
Interest on overpayments

  • repeal

(1)

Interest shall be allowed and paid upon any overpayment in respect to any tax or any charge on oil and gas production imposed pursuant to articles 22 to 29 of this title 39, article 60 of title 34, or article 3 of title 42 at the rate imposed under section 39-21-110.5. Such interest shall be allowed and paid as follows:

(a)

In the case of a credit, from the date of the overpayment to the due date of the amount against which the credit is taken;

(b)

Except as provided in subsection (1)(c) of this section, in the case of a refund, from the date of the overpayment to a date, to be determined by the executive director of the department of revenue or their delegate, preceding the date of the refund by not more than thirty days, whether or not such refund is accepted by the taxpayer after tender of such refund to the taxpayer. The acceptance of such refund shall be without prejudice to any right of the taxpayer to claim any additional overpayment and interest thereon; or

(c)

Intentionally left blank —Ed.

(I)

In the case of a refund claim made by a purchaser for sales or use tax paid to a vendor under section 39-26-703 (2) on or after July 1, 2022, but before July 1, 2026, from the date that the claim for refund was filed to a date, to be determined by the executive director of the department of revenue or their delegate, preceding the date of the refund by not more than thirty days, whether or not such refund is accepted by the taxpayer after tender of such refund to the taxpayer, but only if the date of the refund is more than one hundred eighty days from the date the claim for refund was filed. The acceptance of such refund shall be without prejudice to any right of the purchaser to claim any additional overpayment and interest thereon.

(II)

This subsection (1)(c) is repealed, effective July 1, 2030.

(1.5)

Notwithstanding any other provision of this section to the contrary, a payment not made incident to a bona fide and orderly discharge of an actual liability or a liability reasonably assumed to be imposed by law is not an overpayment for the purposes of this section only, and interest is not payable on the payment. For purposes of this subsection (1.5), the following burdens of proof shall apply:

(a)

If a taxpayer’s total payments are less than or equal to twice the amount of the actual tax liability, then the department shall bear the burden of proving, by a preponderance of the evidence, that such payments were not made incident to a bona fide and orderly discharge of an actual liability or a liability reasonably assumed to be imposed by law; and

(b)

If a taxpayer’s total payments are more than twice the amount of the actual tax liability, then the taxpayer shall bear the burden of proving, by a preponderance of the evidence, that such payments were made incident to a bona fide and orderly discharge of an actual liability or a liability reasonably assumed to be imposed by law.

(2)

Any portion of any tax or of a charge on oil and gas production imposed pursuant to articles 22 to 29 of this title, article 60 of title 34, or article 3 of title 42, C.R.S., or any interest, assessable penalty, additional amount, or addition to a tax or charge which has been erroneously refunded shall bear interest at the rate imposed under section 39-21-110.5 from the date of the payment of the refund.

(3)

If any overpayment of any tax or of a charge on oil and gas production imposed pursuant to articles 22 to 29 of this title, article 60 of title 34, or article 3 of title 42, C.R.S., is refunded within ninety days after the last date prescribed for filing the return of such tax or charge, determined without regard to any extension of time for filing the return, no interest shall be allowed under subsection (1) of this section on such overpayment.

(4)

If the amount of any income tax is reduced by reason of a carry-back of a net operating loss, such reduction in tax shall not affect the computation of interest under this section for the period ending with the last day of the taxable year in which the net operating loss arises. If any overpayment of income tax results from a carry-back of a net operating loss, such overpayment shall be deemed not to have been made prior to the close of the taxable year in which such net operating loss arises.

Source: Section 39-21-110 — Interest on overpayments - repeal, 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

§ 39-21-110’s source at colorado​.gov