The Latest News for You
The State of Colorado has extended the income tax deadline to July 15th, to align with the Federal Tax deadline. Please read below for more information.
Income Tax Deadline Extension
Governor Jared Polis has extended the income tax payment deadline for all Colorado taxpayers by 90 days until July 15, 2020. Interest from the due date of the payment until July 15, 2020 is waived. All income tax returns that were required to be filed by April 15, 2020 are granted an automatic six-month extension, and are due on or before October 15, 2020.
In addition, the deadline for estimated payments has also been extended for the 2020 tax year. The penalties for estimated payments are also waived until July 15, 2020. This extension and these waivers do not apply to payments due pursuant to a notice of deficiency, notice of final determination, demand for payment, installment agreement, closing agreement, or other agreement or requirement to pay.
This is similar to the Internal Revenue Service (IRS) extension, but applies to any income tax payment, regardless of the amount. Unlike the federal government, the state will not impose any caps on the amount of tax that can be deferred.
The Governor also directed the Colorado Department of Revenue (CDOR) to coordinate with local governments that choose to extend tax payment deadlines for property tax, and sales and use tax.
For more detailed information, review Executive Order # D 2020-010 on the Governor’s Office website.
Please note that the extensions and waivers granted by this notice apply only to the payments and returns described above. They do not apply to other returns, filings, or payments required to be made, including, but not limited to, withholding tax required to be paid under sections 39-22-604 and 39-22-604.5, C.R.S.
Resources for Small Businesses
Colorado small businesses impacted by COVID-19 can seek individual small business loans up to $2M as part of the Small Business Administration’s Economic Injury Disaster Loan program. Small businesses throughout all 64 counties may seek SBA Economic Injury Disaster Loans. Governor Jared Polis announced that Colorado’s application for federal disaster area designation has been approved. For more information, visit the Office of Economic Development & International Trade (OEDIT) website.