C.R.S. Section 39-21-114.5
Surrender of property subject to levy

  • definition

(1)

For any person in possession of property or rights to property owned by or owing to a taxpayer that is subject to levy:

(a)

Intentionally left blank —Ed.

(I)

Except as provided in subsection (1)(a)(II) of this section, a person shall, upon demand of the executive director, surrender the property or the rights to the property subject to levy to the executive director.

(II)

A person is not required to surrender the property or the rights to the property belonging to the taxpayer that is subject to levy to the executive director if the person, at the time of the demand, has a valid right of setoff or an interest superior to the department’s.

(b)

If the person is a bank or other financial institution, the bank or other financial institution shall surrender any deposits in the bank or financial institution within twenty-one days after service of the levy.

(c)

If the person is an employer, the employer shall surrender salary or wages within twenty-one days after the end of the taxpayer’s pay period. The effect of a levy on salary or wages payable to or received by a taxpayer is continuous from the date the levy is first made until the department releases the levy. The levy for any pay period may not exceed twenty-five percent of the taxpayer’s disposable earnings. For purposes of this section, “disposable earnings” has the same meaning as set forth in section 13-54-104 (1).

(2)

Any person who fails to or refuses to surrender property or rights to property owned by or owing to a taxpayer that is subject to levy upon demand by the executive director is liable to the state for a sum equal to the value of the property or the rights to the property that is not surrendered, not to exceed the amount of the liability for which the levy was made. Any amount recovered under this subsection (2) is credited against the liability for which the levy was made.

(3)

Any person in possession of property or rights to the property belonging to a taxpayer that is subject to levy and upon which a levy has been made, who, upon demand by the executive director, surrenders such property or rights to the property to the executive director or who pays the liability required under subsection (2) of this section is discharged from any obligation or liability to the taxpayer and any other person with respect to the property or rights to the property arising from the surrender or payment.

Source: Section 39-21-114.5 — Surrender of property subject to levy - definition, 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

§ 39-21-114.5’s source at colorado​.gov