Colorado Legislative Council Staff

NO FISCAL IMPACT

TITLE:            CONCERNING THE REQUIREMENTS FOR ANNUAL INFORMATION TO BE PROVIDED TO THE COLORADO DEPARTMENT OF REVENUE RELATING TO AMOUNTS WITHHELD FOR COLORADO INCOME TAX PURPOSES.

Summary of Assessment

            This bill requires persons who are required to file annual reports concerning tips or remunerations for services or remunerations for direct sales to show the amounts withheld for Colorado income tax purposes. The bill also requires magnetic media taxpayers to file reports by magnetic media to parallel current federal requirements.

            The bill will not affect the revenues or expenditures of the state or units of local government. Therefore, the bill is assessed as having no fiscal impact. The bill would become effective upon signature of the Governor.

Departments Contacted

            Revenue