Changes to Federal Statutes Apply Prospectively

 

To All Interested Parties,

The Colorado Department of Revenue Taxation Division will hold a virtual public rulemaking hearing at 10:00 A.M. on July 16, 2020 on two income tax rules that clarify that the term “internal revenue code” incorporates changes to federal statute only on a prospective basis. This hearing will be conducted entirely by telephone and video conference. Parties wishing to attend or participate by teleconference should connect as follows:

Phone Number: 1 (669) 900-6833

Meeting ID: 984 7638 0820

Parties wishing to attend or participate by video conference may obtain details for connecting by sending an email to dor_taxrules@state.co.us.  Instructions for connecting to the video conference will be emailed in advance of the hearing. The hearing will be recorded.

Proposed Rules:

Rule 39-22-103(5.3). Internal Revenue Code Definition – Prospective - The purpose of the rule is to clarify that the term “internal revenue code” incorporates changes to federal statute only on a prospective basis.
Rule 39-22-303.6–1. Apportionment and Allocation Definitions - The purpose of this rule is to clarify that the term “internal revenue code” incorporates changes to federal statute only on a prospective basis

The Department will accept oral and written comments on these proposed rules. Oral comments will be accepted by video and telephone conference at the hearing. Parties who wish to testify at the hearing by phone or video should send their name and organization to dor_taxrules@state.co.us in advance of the hearing. Written comments may be submitted to dor_taxrules@state.co.us in advance or in lieu of oral commentary at the hearing and will be accepted until the close of the hearing on July 16, 2020.

You can find the proposed drafts and statements of basis and purpose at the links above. The proposed rules will be published in the Colorado Register on June 25, 2020.

 

 

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