C.R.S. Section 39-26-111
Credit sales

(1)

In case of a sale upon credit, or a contract for sale wherein it is provided that the price shall be paid in installments and title does not pass until a future date, or a chattel mortgage or a conditional sale, there shall be paid upon each payment, upon the account of purchase price, that portion of the total tax which the amount paid bears in the total purchase price. Notwithstanding any other provision of this subsection (1), a retailer doing business wholly or partly on a credit basis may, at his election, make a return, and remit sales tax on credit sales, on the basis of the aggregate amount of cash received during the month from taxable credit sales. The retailer may determine the tax to be remitted on the basis of his reasonable estimate of the aggregate amount of tax which he has collected from his credit customers during the month. A retailer’s estimate of the taxes collected on credit sales made in any month (referred to in this section as “base month”) shall be deemed reasonable if the cumulative sum of the monthly amounts of taxes on such credit sales remitted by the retailer on or before the close of the third, sixth, ninth, twelfth, and fifteenth calendar months following the base month is not less than twenty-five percent, forty-three and seventy-five one-hundredths percent, sixty-two and five-tenths percent, eighty-one and twenty-five one-hundredths percent, and one hundred percent, respectively, of the total taxes due on the aggregate credit sales made by the retailer in the base month. In no event, however, shall the amount of taxes remitted by the retailer in any month be less than the amount which the retailer actually estimates to have been collected in that month.

(2)

If a retailer transfers, sells, assigns, or otherwise disposes of an account receivable, he shall be deemed to have received the full balance of the consideration for the original sale and shall be liable for the remittance of the sales tax on the balance of the total sale price not previously reported; except that such transfer, sale, assignment, or other disposition of an account receivable by a retailer to a closely held subsidiary, as defined in section 39-26-102 (10)(k), shall not be deemed to require the retailer to pay the sales tax on the credit sale represented by the account transferred prior to the time the customer makes payment on said account.

Source: Section 39-26-111 — Credit sales, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-39.­pdf (accessed Oct. 20, 2023).

39‑26‑101
Short title 39‑26‑102
Definitions 39‑26‑102.5
Change of references from “Internal Revenue Code of 1954” to “Internal Revenue Code of 1986” 39‑26‑103
Licenses - fee - revocation - definition 39‑26‑103.5
Qualified purchaser - direct payment permit number - qualifications 39‑26‑104
Property and services taxed - definitions 39‑26‑105
Vendor liable for tax - definitions - repeal 39‑26‑105.2
Remittance of tax - GIS - vendor held harmless - requirements of GIS database - rules - definition 39‑26‑105.3
Remittance of tax - electronic database - vendor held harmless - repeal 39‑26‑105.4
Remittance of tax - determination of address - dealer held harmless 39‑26‑105.5
Remittance of sales taxes - electronic funds transfers 39‑26‑106
Schedule of sales tax 39‑26‑107
Rules and regulations 39‑26‑108
Tax cannot be absorbed 39‑26‑109
Reports of vendor 39‑26‑111
Credit sales 39‑26‑112
Excess tax - remittance - repeal 39‑26‑113
Collection of sales tax - motor vehicles - off-highway vehicles - exemption - process for motor vehicles sold at auction - exception - definition 39‑26‑113.5
Refund of state sales taxes for vehicles used in interstate commerce - fund 39‑26‑115
Deficiency due to negligence 39‑26‑116
Record of sales 39‑26‑117
Tax lien - exemption from lien 39‑26‑118
Recovery of taxes, penalty, and interest - repeal 39‑26‑119
License and tax additional 39‑26‑120
False or fraudulent return, statement - penalty 39‑26‑121
Penalty 39‑26‑122
Administration 39‑26‑122.5
Collection of sales tax - enhanced efficiencies - intergovernmental agreements with local governments - legislative declaration 39‑26‑123
Receipts - disposition - transfers of general fund surplus - sales tax holding fund - creation - definitions 39‑26‑124
Applicability to banks 39‑26‑125
Limitations 39‑26‑126
Legislative finding as to revenues for old age pension fund 39‑26‑127
Legislation modifying the state sales tax base - no impact on local government sales tax bases - no expansion of local authority to levy sales tax 39‑26‑128
Uniform sales and use tax base - definition 39‑26‑129
Refund for property used in rural broadband service - legislative declaration - definitions 39‑26‑201
Definitions 39‑26‑202
Authorization of tax 39‑26‑204
Periodic return - collection 39‑26‑204.5
Remittance of tax - electronic database - retailer held harmless - repeal 39‑26‑204.6
Remittance of tax - determination of address - motor vehicle dealer held harmless 39‑26‑205
Tax constitutes lien - exemption from lien 39‑26‑206
Failure to make return 39‑26‑207
Penalty interest on unpaid tax 39‑26‑208
Collection of use tax - motor vehicles 39‑26‑209
Rules and regulations 39‑26‑210
Limitations 39‑26‑211
Applicability to banks 39‑26‑212
Legislation modifying the state use tax base - no impact on local government use tax bases - no expansion of local authority to levy use tax 39‑26‑401
Definitions 39‑26‑402
Refund of state sales and use tax for biotechnology - application requirements and procedures 39‑26‑701
Definitions 39‑26‑702
Department of revenue - rules 39‑26‑703
Disputes and refunds - repeal 39‑26‑704
Miscellaneous sales tax exemptions - governmental entities - hotel residents - schools - exchange of property 39‑26‑705
Miscellaneous use tax exemptions - printers ink and newsprint - manufactured goods 39‑26‑706
Miscellaneous sales and use tax exemptions - internet access - refractory materials - precious metal bullion and coins 39‑26‑707
Food, meals, beverages, and packaging - definitions 39‑26‑708
Construction and building materials - legislative declaration - definition 39‑26‑709
Machinery and machine tools - definitions 39‑26‑710
Railroads - construction and building materials - tangible personal property - work equipment - rolling stock 39‑26‑711
Aircraft - tangible personal property 39‑26‑711.5
Aircraft - use outside state 39‑26‑711.8
Aircraft - use outside state - on-demand air carriers 39‑26‑711.9
Historic aircraft on loan for public display - definition 39‑26‑712
Trailers and trucks 39‑26‑713
Tangible personal property 39‑26‑714
Vending machines - definitions 39‑26‑715
Fuel and oil - definitions 39‑26‑716
Agriculture and livestock - special fuels - definitions 39‑26‑717
Drugs and medical and therapeutic devices - legislative declaration - definitions - repeal 39‑26‑718
Charitable organizations - association or organization of parents and teachers of public school students 39‑26‑719
Motor vehicles 39‑26‑720
Bingo equipment 39‑26‑721
Manufactured homes and tiny homes 39‑26‑723
Colorado wood products - repeal 39‑26‑724
Components used to produce energy from a renewable energy source - definitions 39‑26‑725
Sales related to a school - definitions 39‑26‑726
Medical marijuana - debilitating conditions and ability to purchase 39‑26‑727
Tribal exemption - motor vehicles - partial interest - definition - legislative declaration 39‑26‑728
Property for use in space flight - definitions 39‑26‑729
Retail sales of marijuana 39‑26‑730
Sales and use tax exemption forms - simplification - legislative declaration 39‑26‑731
Eligible decarbonizing building materials - tax preference performance statement - legislative declaration - definition - repeal 39‑26‑732
Heat pump systems - tax preference performance statement - legislative declaration - definitions - repeal 39‑26‑733
Residential energy storage systems - tax preference performance statement - legislative declaration - definition - repeal 39‑26‑734
Rebuilding from declared wildfire disaster - tax preference performance statement - legislative declaration - definitions - repeal 39‑26‑801
Legislative declaration 39‑26‑802
Sales and use tax simplification task force - creation 39‑26‑802.5
Sales and use tax simplification - request for information 39‑26‑802.7
Electronic sales and use tax simplification system - sourcing method - implementation - legislative intent - definitions 39‑26‑802.9
Retailers without physical presence or with only incidental physical presence in local taxing jurisdictions - streamlined application process and no fee for local general business license - legislative declaration - definitions 39‑26‑803
Gifts, grants, or donations 39‑26‑804
Repeal of part
Green check means up to date. Up to date

Current through Fall 2024

§ 39-26-111’s source at colorado​.gov