HB 18-1304

House Bill 18-1304, which has been signed into law, extends the time period during which Colorado can collect taxes from individuals whose assets are managed by a court or who have filed for bankruptcy. It also clarifies that the Department of Revenue is allowed to sell vehicles owned by people who owe back taxes and outlines penalties for not surrendering property when required. This bill affects taxpayers with delinquent tax debts, especially those involved in legal proceedings like bankruptcy. Since it has been signed, the law is now in effect and being implemented.

Official Summary

The bill specifies that the period of time wherein a tax must be assessed is extended in the case of a taxpayer whose assets are in the control or custody of a court or in the case of a taxpayer who has filed bankruptcy proceedings. The bill also provides clarifications regarding: The department of revenue's authorization to sell a delinquent taxpayer's motor vehicle; Other remedies that a district court has available in the case of a delinquent taxpayer; and When property or rights to property must be surrendered to the executive director of the department of revenue and what the penalties are for failing to surrender such property.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) , Read More

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