Colorado Legislative Council Staff
REVISED NO FISCAL IMPACT
(Replaces Fiscal Note dated January 3, 1998)
March 4, 1998
Harry Zeid (866-4753)
TITLE: CONCERNING ELECTRONIC FILING REQUIREMENTS RELATING TO AMOUNTS DEDUCTED AND WITHHELD FROM EMPLOYEE WAGES FOR STATE INCOME TAX PURPOSES.
Summary of Legislation
Under current law, the due date for filing annual statements by employers concerning state income taxes withheld for employees during the preceding calendar year is March 15 of the following year. This reengrossed bill would change the due date to be the date established pursuant to Section 6071 of the Internal Revenue Code for filing similar federal statements. In addition, the bill would authorize the Executive Director of the Department of Revenue to require any magnetic media taxpayer to file the annual statements by magnetic media or in other machine-readable form.
The reengrossed bill would not affect the revenues or expenditures of the state. Therefore, the bill is assessed as having no fiscal impact. The bill would become effective upon signature of the Governor, and would apply to filings and remittances made on or after January 1, 1999.
Revenue State Treasury