DENVER - Coloradans filing state income taxes can take an automatic six-month extension if they are expecting a refund, but anyone who owes state income tax must submit payment by April 15.
"There is no form, paper or electronic, to fill out to notify the Department of Revenue that you are taking the extension," said Ro Silva from the Colorado Department of Revenue in a news release Thursday. "But, if you owe state income tax, 90 percent of the tax liability must be paid on or before April 15 to avoid penalties. Any remaining balance due would be subject to interest only."
To pay state income taxes, individual filers may visit www.Colorado.gov/RevenueOnline to make an electronic payment. Alternately, filers may use www.TaxColorado.com to mail a check with the DR 158-I form for "2013 Extension Payment Voucher for Colorado Individual Income Tax."
There is a six percent interest rate on tax owed. The penalty for not paying is five percent of the balance due for the first month after the April 15 deadline, plus half a percent for each additional month up to 12 percent.