C.R.S. § 39-29-112 — Procedures and reports - definitions - repeal

(1) Except as set forth in subsections (6) and (7) of this section, every person subject to taxation under the provisions of this article shall make an annual return to the department of revenue, separate and apart from other returns required to be made under the provisions of articles 20 to 28 of this title, upon a form to be prescribed by the executive director. Such return shall be filed with the department of revenue on or before the fifteenth day of the fourth month following the end of the taxable year. Payment of the tax shown to be due shall be made at the time such return is filed. The executive director may grant a reasonable extension of time for filing returns and for paying the tax under such rules as he may prescribe. In the event of the failure to file the return within the time required or the extension of the time granted by the executive director, there shall be added to the tax a penalty as provided for in section 39-29-115. (2) Every corporation subject to taxation under this article 29 shall make a declaration and payment of estimated tax if the tax imposed by this article 29 for the taxable year can reasonably be expected to exceed five thousand dollars. Such declaration and payment shall be made to the department of revenue, separate and apart from other returns required under articles 20 to 28 of this title 39, upon a form prescribed by the executive director. Such declaration shall be filed with and payment made to the department of revenue in accordance with the provisions of section 39-22-606. (3) All unexpended balances in any oil shale and oil and gas severance tax withholding fund established to carry out the purposes of this article as of June 30, 1978, and on each June 30 thereafter, or at any time determined by the controller with the approval of the state treasurer shall be credited to the general fund of the state. Such unexpended balances shall include all moneys which for any reason cannot be refunded. All warrants covering refunds from said severance tax withholding fund which cannot for any reason be delivered to the taxpayer to whom due and which are not presented for payment within six months after the date of issuance thereof shall be void, and the moneys represented thereby shall be included in the unexpended balance in said fund at the expiration of any fiscal year. Persons entitled to the refunds of moneys represented by warrants which cannot be delivered to the taxpayer and which are not presented for payment within six months after the date of issuance thereof may file claims for refund at any time within four years after the date the tax return which establishes the right to the refund was required to be filed. Claims for refund not filed within the prescribed four-year period shall not be allowed or paid. (4) The tax imposed by this article is hereby declared to be a special classified and limited tax in accordance with the provisions of section 17 of article X of the state constitution. (5) The taxpayer's taxable year under this article shall be the same as his taxable year for federal income tax purposes. (6) The provisions of subsections (1) to (3) and subsection (5) of this section shall not apply to persons filing quarterly declaration forms and making quarterly payments of tax pursuant to the provisions of section 39-29-104. (7) A person is not required to make a separate, annual return to the department of revenue for a taxable year pursuant to subsection (1) of this section if: (a) The person has less than two hundred fifty dollars withheld by all unit operators or first purchasers pursuant to section 39-29-111 (1) for the taxable year; and (b) The amount of withholding is greater than or equal to the amount of tax levied pursuant to this article that is owed by the person for the taxable year. (8) (a) As used in this subsection (8), unless the context otherwise requires: (I) Operator has the meaning set forth in section 34-60-103. (II) Random sample has the meaning set forth in section 2-3-128 (1)(e). (b) On or before April 15, 2025, the executive director shall submit a report to the state auditor that includes: (I) The severance tax monthly withholding statements and annual severance tax reports filed for the 2023 calendar year by the operators included in the random sample; (II) For the random sample and the total population of operators in the state, a description of any missing severance tax monthly withholding statements and annual severance tax reports due for the 2023 calendar year or incomplete or incorrect severance tax monthly withholding statements and annual severance tax reports that were accepted for the 2023 calendar year without a request for completion or correction; and (III) For the random sample and the total population of operators in the state, a description of any penalties assessed for the 2023 calendar year for missing, incomplete, or incorrect severance tax monthly withholding statements and annual severance tax reports, with the data broken down by: (A) Type of violation; and (B) Penalty amount assessed against a person for the violation. (c) The executive director shall publish the report submitted to the state auditor pursuant to subsection (8)(b) of this section on the department of revenue's website. (d) The executive director shall provide the state auditor with any additional information that the state auditor requests under section 2-3-128. (e) This subsection (8) is repealed, effective July 1, 2026. Source: L. 77: Entire article added, p. 1850, § 1, effective January 1, 1978. L. 83: (1) amended, p. 1545, § 1, effective May 20. L. 86: (6) added, p. 1136, § 2, effective April 1. L. 2012: (1) amended and (7) added, (HB 12-1314), ch. 250, p. 1244, § 1, effective August 8. L. 2020: (2) amended, (HB 20-1175), ch. 88, p. 356, § 3, effective September 14. L. 2022: (8) added, (HB 22-1361), ch. 472, p. 3452, § 5, effective July 1. L. 2024: (8)(a)(I) amended, (HB 24-1346), ch. 216, p. 1344, § 19, effective May 21. Cross references: For the legislative declaration in HB 22-1361, see section 1 of chapter 472, Session Laws of Colorado 2022.