Colo. Code Regs. 39-29-115
Current through Register Vol. 47, No. 19, October 10, 2024
Rule 39-29-115 - Penalty and Interest(1) Except as specified in paragraph (2) of this rule, the penalties for failure to file or to pay penalty described in § 39-29-115(1), C.R.S. will not be due if a taxpayer files and pays the severance tax return within the extension period.(2) Unless specifically waived by the Department for good cause, the failure to file or pay penalty described in § 39-29-115(1), C.R.S. will be due if: (a) the taxpayer has not paid at least ninety percent of the net tax liability into the Department of Revenue as of the original due date of the return,(b) the taxpayer does not file by the extension due date, or(c) the taxpayer does not pay all of the net tax due with the taxpayer's filed return.(3) Interest will be assessed on any unpaid net tax liability, including a return filed under extension, for the period from the original due date until payment is made.(4) Net tax liability means the total Colorado severance tax liability for the tax year reduced by all credits other than prepayment credits.(5) Prepayment credits are credits for severance tax paid by the taxpayer (severance tax withheld and estimated tax) on or before the original due date of the return.43 CR 23, December 10, 2020, effective 12/30/2020