Colorado Code
Article 29 - Severance Tax
§ 39-29-115. Penalties and Interest

(1.5) Any person who fails to withhold income and make a payment required pursuant to section 39-29-111 shall pay a penalty of up to thirty percent of the required payment or thirty dollars, whichever is the greater amount, and the interest due under the provisions of section 39-21-110.5. Any person who withholds income pursuant to section 39-29-111 and who fails to file the annual report required by the rules promulgated by the department of revenue related to such withholding shall pay a penalty of up to fifteen percent of the amount of withholding that should have been reflected in the report or one thousand five hundred dollars, whichever is the lesser amount. The penalty set forth in this subsection (1.5) for failing to withhold income and make a payment shall not apply if the income was from a well that qualified for the exemption set forth in section 39-29-105 (1)(b) for the prior taxable year.








Source: L. 83: Entire section added, p. 1545, § 2, effective May 20. L. 85: (1) amended, p. 1263, § 26, effective January 1, 1986. L. 2010: (1.5) and (4) added, (HB 10-1060), ch. 277, p. 1269, § 1, effective September 1. L. 2012: (3) amended, (HB 12-1314), ch. 250, p. 1245, § 2, effective August 8.

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