CO SB050

Adds new subsection 39-26-103(2.5) to provide hold harmless protection for retailers who obtain a sales tax license in good faith and provide a correct business address but receive an incorrect location code from the Department of Revenue.

Retailers are held harmless from any taxes, charges, penalties, interest, or fees resulting from failure to collect and remit sales taxes for a local jurisdiction if they relied on the incorrect location code assigned by the department.

Defines "location code" as the code assigned by the Department of Revenue based on business address that identifies the geographic region and applicable local sales taxes a retailer must collect and remit, or any successor system used for this purpose.

Contains a safety clause declaring the act necessary for immediate preservation of public peace, health, and safety.

Signed into law by Governor John W. Hickenlooper on March 18, 2016.