Colorado § 39-29-107.8 Refunds

Colorado Statutes

§ 39-29-107.8 — Refunds

Colorado § 39-29-107.8

Title 39Taxation

Art.Severance Tax

This text of Colorado § 39-29-107.8 (Refunds) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 39-29-107.8 (2026).

Text

(1)Prior to the allocation in section 39-29-108, the state treasurer shall set aside and maintain all revenue from the tax imposed pursuant to this article in a reserve that is available for the payment of refunds related to the tax in accordance with section 39-21-108. At the end of each month, any moneys in the reserve that are not required for a refund are the total gross receipts realized that are available for allocation under section 39-29-108.

(2)(a) Prior to July 1, 2016, if the amount in the reserve is less than the amount of refunds that are required to be made from the reserve, then the state treasurer shall credit to the reserve from the proceeds of the money collected under article 22 of this title an amount equal to the deficit.

(b)On or after July 1, 2016, but p

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(1) Prior to the allocation in section 39-29-108, the
state treasurer shall set aside and maintain all revenue from the tax imposed
pursuant to this article in a reserve that is available for the payment of refunds
related to the tax in accordance with section 39-21-108. At the end of each month,
any moneys in the reserve that are not required for a refund are the total gross
receipts realized that are available for allocation under section 39-29-108.

(2) (a) Prior to July 1, 2016, if the amount in the reserve is less than the
amount of refunds that are required to be made from the reserve, then the state
treasurer shall credit to the reserve from the proceeds of the money collected
under article 22 of this title an amount equal to the deficit.

(b) On or after July 1, 2016, but prior to July 1, 2017, the state treasurer shall
credit to the reserve from the proceeds of the money collected under article 22 of
this title an amount equal to the amount by which the refunds for the tax imposed
pursuant to this article that are made for a month exceed fifteen percent of the
gross severance tax revenues for the same month.

(c) (I) If, as of the end of the state fiscal year commencing on July 1, 2017, the
amount in the reserve is less than the amount of refunds that are required to be
made from the reserve, then the state treasurer shall credit to the reserve from the
proceeds of the money collected under article 22 of this title 39 an amount equal to
one-fourth of the deficit.

(II) The amount credited to the reserve in accordance with subsection (2)(c)(I)
of this section replaces any money from the reserve that was transferred to the
severance tax operational fund, and as a result, no amount shall be recouped from
the operational fund for purposes of making a refund for the fiscal year
commencing on July 1, 2017.

(3) The state treasurer shall credit money to the reserve in accordance with
subsection (2) of this section on a monthly basis. If there is insufficient revenue
available to be credited, the state controller may authorize an advance under
section 24-75-203 (2), C.R.S., to the reserve to be used for the refunds. There is no
limit on the amount of an advance that the state controller may make for this
purpose.

Legislative History

Source: L. 2016: Entire section added, (SB 16-218), ch. 289, p. 1173, � 3, effective June 10. L. 2018: (2)(c) added, (HB 18-1338), ch. 201, p. 1311, � 13, effective May 4.