SB 23-208

Senate Bill 23-208, which has been approved by the governor and will take effect on August 7, 2023, makes corrections to Colorado's tax laws. It fixes references in statutes related to electronic filing of tax returns, calculating state income taxes for certain business owners, and excluding marijuana products from specific sales tax definitions. This bill affects taxpayers who file electronically or are involved with pass-through entities and regulated marijuana businesses. Since it has been signed into law, the changes will be implemented as scheduled without needing further legislative action.

Official Summary

The act corrects several defective cross references in the tax statutes. First, the act adds an omitted cross reference regarding the electronic filing of returns with the executive director of the department of revenue in the statute that addresses the date of receipt of tax returns. Next, the act corrects the cross reference to applicable definitions when calculating the state income tax of an electing pass-through entity owner. Finally, the act corrects the cross reference used to exclude regulated marijuana products from the definition of "agricultural commodities" for purposes of a "wholesale sale" under the state sales tax. APPROVED by Governor June 5, 2023 EFFECTIVE August 7, 2023 NOTE: This act was passed without a safety clause and takes effect 90 days after sine die. (Note: This summary applies to this bill as enacted.)

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