2020 Colorado Revised Statutes
Title 39 - Taxation
Article 29. Severance Tax
Section 39-29-107.8. Refunds.
(1) Prior to the allocation in section 39-29-108, the state treasurer shall set aside and maintain all revenue from the tax imposed pursuant to this article in a reserve that is available for the payment of refunds related to the tax in accordance with section 39-21-108. At the end of each month, any moneys in the reserve that are not required for a refund are the total gross receipts realized that are available for allocation under section 39-29108.
(2) (a) Prior to July 1, 2016, if the amount in the reserve is less than the amount of refunds that are required to be made from the reserve, then the state treasurer shall credit to the reserve from the proceeds of the money collected under article 22 of this title an amount equal to the deficit.
On or after July 1, 2016, but prior to July 1, 2017, the state treasurer shall credit tothe reserve from the proceeds of the money collected under article 22 of this title an amount equal to the amount by which the refunds for the tax imposed pursuant to this article that are made for a month exceed fifteen percent of the gross severance tax revenues for the same month.
(I) If, as of the end of the state fiscal year commencing on July 1, 2017, the amountin the reserve is less than the amount of refunds that are required to be made from the reserve, then the state treasurer shall credit to the reserve from the proceeds of the money collected under article 22 of this title 39 an amount equal to one-fourth of the deficit.
(II) The amount credited to the reserve in accordance with subsection (2)(c)(I) of this section replaces any money from the reserve that was transferred to the severance tax operational fund, and as a result, no amount shall be recouped from the operational fund for purposes of making a refund for the fiscal year commencing on July 1, 2017.
(3) The state treasurer shall credit money to the reserve in accordance with subsection (2) of this section on a monthly basis. If there is insufficient revenue available to be credited, the state controller may authorize an advance under section 24-75-203 (2), C.R.S., to the reserve to be used for the refunds. There is no limit on the amount of an advance that the state controller may make for this purpose.
Source: L. 2016: Entire section added, (SB 16-218), ch. 289, p. 1173, § 3, effective June 10. L. 2018: (2)(c) added, (HB 18-1338), ch. 201, p. 1311, § 13, effective May 4.
