C.R.S. § 39-37-109 — Returns and remittance of tax - civil penalty - rules

(1) Every vendor shall file a return with the executive director each month. The return, which must be upon forms prescribed and furnished by the executive director, must contain the net taxable sales from the retail sale in this state of any firearm, firearm precursor part, or ammunition by the vendor during the preceding month, the tax due thereon, and any other information that the executive director may reasonably require. (2) Every vendor shall file the return required by subsection (1) of this section with the executive director by the twentieth day of the month following the month reported and with the report shall remit the amount of tax due. The vendor shall file the return required by subsection (1) of this section electronically and remit the amount of tax due by electronic funds transfer. (3) The executive director may extend the time for filing a return and remitting the tax due for good cause shown or under such reasonable rules as the executive director may promulgate. (4) If a person neglects or refuses to file a timely return or payment of the tax, to pay or correctly account for any tax as required by this article 37, or to keep complete and accurate records, as required by section 39-37-109, the executive director shall make an estimate, based upon the information available, of the amount of tax due or not accounted for or incorrectly accounted for on a return for the period for which the vendor is delinquent. The executive director shall add to the estimated amount of tax due or not accounted for or incorrectly accounted for interest, if applicable pursuant to section 39-21-110.5, and a penalty equal to the greater of: (a) Fifteen dollars; or (b) Ten percent of such unpaid, unaccounted, or incorrectly accounted for amount of tax, plus one-half percent per month from the date when due, not to exceed eighteen percent in the aggregate. Source: L. 2024: Entire article added, (HB 24-1349), ch. 423, p. 2896, § 1, effective December 17 (see editor's note following the article 37 heading).