| Notice Filed with SOS |
11/13/2017 |
| Rule |
ProposedRuleAttach2017-00556.pdf |
| Additional Information |
AddInfoAttach2017-00556.pdf |
| Statutory Authority |
The statutory basis of this rule is §§ 39-21-112(1) and 113, C.R.S. and §§ 39-26-102(19), 102(22), 105(3), 204(2), 703(1), 704(1), 708, 713(2)(d) and 718, C.R.S. |
| Description of Subjects/Issues |
The purpose of this rule is to establish the requirements a retailer must meet to be relieved of liability for the collection of sales and use tax. Revisions to this rule include the creation of a standard of due diligence for retailers when exempting a purchaser from sales or retailer’s use tax and a defined set of records that must be kept by the retailer exempting the sale. The due diligence requirement lists steps a retailer must take to confirm a purchaser's exemption status at the time of sale including:
1) confirming a license or exemption certificate is current and valid,
2) considering whether the goods sold are consistent with the purchasers claim for exemption, and
3) verifying that the payment comes from funds drawn from the entity claiming the exemption. The rule further establishes specific records a retailer must keep when documenting sales that are exempt from sales or use tax |
| Purpose/Objective of Rule |
The purpose of this rule is to establish the requirements a retailer must meet to be relieved of liability for the collection of sales and use tax. |
| Submitted in response to issues raised by COLS/OLLS? |
No
|
| Is this rule adopted in response to recent legislation? |
No
|
| Hearing Date |
12/20/2017 |
| Hearing Time |
09:00 AM |
| Hearing Location |
1375 Sherman Rm 127 |
| Contact Name |
Erika Hoxeng |
| Contact Title |
Tax Policy Analyst |
| Contact Telephone |
303-866-4805 |
| Contact email |
erika.hoxeng@state.co.us |