On October 18, 2024, Colorado Governor Jared Polis, alongside the Colorado Department of Revenue, announced an extension for tax deadlines for individuals and businesses impacted by Hurricanes Helene and Milton. Taxpayers now have until May 1, 2025, to file various individual and business tax returns and make necessary tax payments. This state-level decision aligns with the relief efforts initiated by the IRS at the federal level, underscoring a coordinated response to these calamities.
Governor Polis emphasized the importance of supporting affected Coloradans, stating, “Our goal is to assist those impacted by these devastating storms across Alabama, Florida, Georgia, North Carolina, South Carolina, and parts of Tennessee and Virginia. Tax deadlines should not add to the stress families are facing during this challenging period. This relief allows them to focus on their safety and recovery without the added pressure of missing tax deadlines.”
Who Qualifies for Tax Relief?
Individuals and households located in Colorado who have been affected by the hurricanes, or who conduct business in the impacted states including Florida, Alabama, Georgia, North Carolina, South Carolina, and sections of Tennessee and Virginia, are eligible for this tax relief. The Colorado Department of Revenue will postpone tax filing and payment deadlines for those in the designated disaster areas.
Specifically, deadlines occurring on or after September 23, 2024, and before February 15, 2025, will now be extended through May 1, 2025. For those who received an automatic extension to file their 2023 tax return, originally due on October 15, 2024, this new deadline also extends to May 1, 2025.
It is essential to note that this extension does not eliminate penalties or interest for late tax payments, which were originally due on April 15, 2024. Colorado will also respect any interest waiver granted by Florida for affected International Fuel Tax Agreement (IFTA) motor carriers from that state, provided payments are received by the new deadline.
Sales Tax Licensees and Home-Rule Jurisdictions
Affected Colorado sales tax licensees who file and pay by the extended deadline of May 1, 2025, will still be regarded as “timely filers,” thus remaining eligible for any applicable vendor fee discounts. However, it’s important to clarify that this extension does not automatically apply to home-rule jurisdictions that manage their own tax collections.
Taxpayers in the disaster area are required to contact the Colorado Department of Revenue’s tax information hotline at 303-238-SERV (7378) to request this extension after they receive a bill.
In summary, the proactive steps taken by Governor Polis and Colorado agencies underscore a commitment to support residents impacted by Hurricanes Helene and Milton, ensuring they can focus on recovery without the burden of imminent tax deadlines.
For further details, clarification, contributions or any concerns regarding this article, please feel free to reach out to us at editorial@tax.news. We value your feedback and are committed to providing accurate and timely information. Please note that all inquiries will be handled in accordance with our privacy policy.
