CO Code § 39-27-105.5 (2021)
2021 Colorado Code|Title 39 - Taxation|Article 27 - Gasoline and Special Fuel Tax|Part 1 - Gasoline Tax|§ 39-27-105.5. Lien to Secure Payment of Taxes - Exemption - Recovery

     [Editor's note: This version of this section is effective until January 1, 2022.] The state of Colorado and the department of revenue shall have a lien to secure the payment of the taxes, penalties, and interest imposed pursuant to this part 1 upon all the assets and property of the distributor owing such tax, including the stock in trade, business fixtures, and equipment owned or used by the distributor in the conduct of his business, as long as a delinquency in the payment of such tax continues. Such lien shall be prior to any lien of any kind whatsoever, including existing liens for taxes.    Any distributor or person in possession shall provide a copy of any lease pertaining to the assets and property described in paragraph (a) of this subsection (1) to the department of revenue within ten days after seizure by the department of such assets and property. The department shall verify that such lease is bona fide and notify the owner that such lease has been received by the department. The department shall use its best efforts to notify the owner of the real or personal property which might be subject to the lien created in paragraph (a) of this subsection (1). The real or personal property of an owner who has made a bona fide lease to a distributor shall be exempt from the lien created in paragraph (a) of this subsection (1) if such property can reasonably be identified from the lease description or if the lessee is given an option to purchase in such lease and has not exercised such option to become the owner of the property leased. This exemption shall be effective from the date of the execution of the lease. Such exemption shall also apply if the lease is recorded with the county clerk and recorder of the county where the property is located or based or a memorandum of the lease is filed with the department of revenue on such forms as may be prescribed by said department after the execution of the lease at a cost for such filing of two dollars and fifty cents per document. Motor vehicles which are properly registered in this state, showing the lessor as owner thereof, shall be exempt from the lien created in paragraph (a) of this subsection (1); except that said lien shall apply to the extent that the lessee has an earned reserve, allowance for depreciation not to exceed fair market value, or similar interest which is or may be credited to the lessee. Where the lessor and lessee are blood relatives or relatives by law or have twenty-five percent or more common ownership, a lease between such lessee and such lessor shall not be considered as bona fide for the purposes of this section.       If a distributor fails to comply with the provisions of section 39-27-105, the executive director of the department of revenue may seek to enforce collection of the unpaid taxes, penalties, and interest in accordance with the provisions of article 21 of this title.     History. Source: L. 87: Entire section added, p. 486, § 33, effective July 1. L. 92: (1)(b) amended, p. 2203, § 6, effective April 16. L. 2000: (2) amended, p. 1927, § 5, effective October 1. L. 2004: (2) amended, p. 1211, § 96, effective August 4. L. 2021: Entire section amended, (HB 21-1322), ch. 453, p. 3017, § 8, effective January 1, 2022.