BY REPRESENTATIVE Kaufman;
also SENATOR Reeves.
CONCERNING ELECTRONIC FILING REQUIREMENTS RELATING
TO AMOUNTS DEDUCTED AND WITHHELD FROM EMPLOYEE WAGES FOR STATE
INCOME TAX PURPOSES.
Be it enacted by the General Assembly of the State
of Colorado:
SECTION 1. 3922604
(2), Colorado Revised Statutes, is amended BY THE ADDITION OF
A NEW PARAGRAPH to read:
3922604. Withholding tax
requirement to withhold tax lien exemption
from lien. (2) Definitions:
As used in this section, unless the context otherwise requires:
(b.5) "MAGNETIC MEDIA TAXPAYER"
MEANS A TAXPAYER WHO IS REQUIRED TO FILE INFORMATION RETURNS DESCRIBED
IN SECTION 6051 (d) OF THE INTERNAL REVENUE CODE BY MAGNETIC MEDIA
OR IN OTHER MACHINEREADABLE FORM UNDER SECTION 6011 (e)
OF THE INTERNAL REVENUE CODE.
SECTION 2. 3922604
(6), Colorado Revised Statutes, is amended to read:
3922604. Withholding tax
requirement to withhold tax lien exemption
from lien. (6) (a) Every
employer shall, in accordance with such regulations
RULES as shall be prescribed by the department of revenue, provide
each employee with a statement of the amounts of moneys deducted
and withheld from such employee's wages in accordance with the
provisions of this section. Every employer shall also make an
annual statement for each employee to the department of revenue,
on such forms as are provided or approved by the department, a
copy of which shall be provided each employee, summarizing the
total compensation paid and the tax withheld for such employee
during the preceding calendar year or any portion thereof, and
the said annual statement shall be filed on or before March
15 of the year following that for which the report is made. No
employer shall be required to make such annual statements to the
department of revenue on magnetic tape; however, any employer
may voluntarily choose to make such annual statements on magnetic
tape. THE DATE ESTABLISHED PURSUANT
TO SECTION 6071 OF THE INTERNAL REVENUE CODE FOR FILING SIMILAR
FEDERAL STATEMENTS. Failure to file the statements within the
time prescribed therefor, unless shown to have been due to reasonable
cause, or the willful filing or furnishing of false or fraudulent
statements shall subject the employer to a penalty, at the discretion
of the executive director, of not less than five dollars nor more
than fifty dollars, which shall be in addition to any criminal
penalty otherwise provided for failure to file a return or for
filing a false or fraudulent return.
(b) THE EXECUTIVE DIRECTOR MAY REQUIRE
ANY MAGNETIC MEDIA TAXPAYER TO FILE THE ANNUAL STATEMENTS DESCRIBED
IN PARAGRAPH (a) OF THIS SUBSECTION (6) BY MAGNETIC MEDIA OR IN
OTHER MACHINEREADABLE FORM.
SECTION 3. Effective date applicability. This
act shall take effect upon passage and shall apply to filings
and remittances made on or after January 1, 1999.
SECTION 4. Safety clause. The
general assembly hereby finds, determines, and declares that this
act is necessary for the immediate preservation of the public
peace, health, and safety.
____________________________ ____________________________
Charles E. Berry Tom Norton
SPEAKER OF THE HOUSE PRESIDENT OF
OF REPRESENTATIVES THE SENATE
____________________________ ____________________________
Judith M. Rodrigue Patricia K. Dicks
CHIEF CLERK OF THE HOUSE ASSISTANT SECRETARY OF
OF REPRESENTATIVES THE SENATE
APPROVED________________________________________
_________________________________________
Roy Romer
GOVERNOR OF THE STATE
OF COLORADO