2016 Colorado Revised Statutes
Title 39 - Taxation
Specific Taxes
Article 23.5 - Colorado Estate Tax
§ 39-23.5-110. Penalty

(1) If any person fails to pay any tax by the date due under the provisions of this article, there shall be collected as a penalty for such failure the greater of the sum of fifteen dollars or five percent of the amount of such tax if the failure is for not more than one month, with an additional five percent for each additional month or fraction thereof during which such failure continues, not exceeding twenty percent in the aggregate. The executive director may reduce or waive the penalty imposed by this subsection (1) for reasonable cause.

(2) If any person fraudulently or willfully fails to file any return under the provision of this article, there shall be collected as a penalty for such failure the sum of seventy-five dollars or one hundred percent of the amount of the tax, if any, whichever is greater.

(3) If any person files a fraudulent or willfully false return under the provisions of this article, there shall be collected as a penalty the sum of one hundred dollars or one hundred fifty percent of the amount of the tax, if any, whichever is greater.

(4) If, after determination and assessment of any tax imposed by this article, any person fails to pay the same within the time specified by any notice and demand sent to him by the executive director, there shall be collected as a penalty for such failure a sum equal to fifteen percent of the amount of the tax demanded.

(5) If any person fraudulently fails to pay any tax when due under the provisions of this article or willfully seeks to evade the payment thereof, there shall be collected as a penalty for such failure a sum equal to one hundred fifty percent of the amount of the tax.

(6) In the case of failure to file the Colorado return on the date prescribed by section 39-23.5-107, determined with regard to any extension of time for filing, there shall be collected as a penalty for such failure an amount equal to five percent of the amount of the tax due under this article, with an additional five percent per month or portion thereof, during which such failure continues, not exceeding twenty percent in the aggregate. If a similar penalty for failure to file timely the federal return for estate taxes is waived, such waiver shall be deemed to constitute reasonable cause for purposes of this section. The executive director may reduce or waive the penalty imposed by this subsection (6) for reasonable cause.

(7) All of the penalties provided in subsections (1) to (6) of this section shall be cumulative and shall be collected at the same time and in the same manner as the tax, with the exception that, if the penalties provided for in subsections (1) and (6) of this section both apply, then only the larger of the two penalties shall be assessed, or, if equal, only one penalty shall apply.