Colo. Code Regs. 39-26-112

Current through Register Vol. 47, No. 17, September 10, 2024

Rule 39-26-112 - Excess Tax Collected

Basis and Purpose. The statutory bases for this rule are sections 39-21-112(1), 39-26-112, and 39-26-122, C.R.S. The purpose of this rule is to clarify that any excess sales tax collected must be remitted to the department.

(1)Excess Tax. Tax collected on sales of more than the minimum taxable amount will usually result in the collection of tax in excess of the tax rate. For example, the state sales tax on a purchase of $3.00 is $0.087, but the retailer will collect $0.09. Any excess tax collected during a filing period must be included in the total amount of sales tax for which the retailer is required to account.

(a) If a retailer maintains more than one physical or non-physical site within Colorado, the retailer cannot offset any under collection of sales tax at one site against an over collection of sales tax at another site.

(b) A retailer cannot offset any under collection of sales tax in one filing period against an over collection of sales tax in another filing period.

(c) Any excess tax collected as a result of rounding may offset the under collection of tax due when a purchase is for less than the minimum taxable sale prescribed in section 39-26-106, C.R.S.

39-26-112

37 CR 18, September 25, 2014, effective 10/15/2014

38 CR 02, January 25, 2015, effective 2/14/2015

39 CR 10, May 25, 2016, effective 6/14/2016

40 CR 12, June 25, 2017, effective 7/15/2017

40 CR 23, December 10, 2017, effective 1/1/2018

41 CR 13, July 10, 2018, effective 7/30/2018

41 CR 14, July 25, 2018, effective 8/14/2018

42 CR 02, January 25, 2019, effective 12/18/2018, expires 4/17/2019.

42 CR 02, January 25, 2019, effective 12/18/2018

42 CR 06, March 25, 2019, effective 4/14/2019

43 CR 04, February 25, 2020, effective 3/16/2020

43 CR 17, September 10, 2020, effective 9/30/2020

44 CR 01, January 10, 2021, effective 1/30/2021

44 CR 07, April 10, 2021, effective 4/30/2021

44 CR 08, April 25, 2021, effective 5/15/2021

45 CR 04, February 25, 2022, effective 3/17/2022

45 CR 23, December 10, 2022, effective 12/30/2022

46 CR 08, April 25, 2023, effective 5/15/2023