(1) In addition to the rationale for creation of the college savings program set forth in section 23-3.1-301, C.R.S., the general assembly hereby finds, determines, and declares that it is in the best interest of Colorado citizens to provide them the option of making direct deposits to collegeinvest savings accounts through the Colorado state individual income tax return form.
(2) (a) For Colorado state individual income tax return forms used for tax years beginning on and after January 1, 2013, each such form must allow an individual taxpayer who is owed a refund the option of making a direct deposit to a collegeinvest savings account.
(b) Each form must permit the direct deposit to only a single collegeinvest savings account.
The department of revenue shall collaborate with the department of higher educationto:
Modify the state individual income tax return form to enable an individual taxpayerto make a direct deposit of his or her refund to a collegeinvest savings account; and
Include, in the portion of the form allowing direct deposit to a collegeinvest savingsaccount, information or a means to obtain information describing collegeinvest savings accounts and how to establish such an account.
As used in this section, "colleginvest savings account" means an account establishedpursuant to part 3 of article 3.1 of title 23, C.R.S.
Source: L. 2013: Entire section added, (SB 13-206), ch. 345, p. 2006, § 1, effective May 28.
SUBPART 2
REPORTABLE TRANSACTIONS
Cross references: For the legislative declaration contained in the 2009 act adding this subpart 2, see section 1 of chapter 75, Session Laws of Colorado 2009.
Short title - citation. This subpart 2 shall be comprised of sections 39-22651 to 39-22-659 and may be cited as subpart 2. This subpart 2 shall be known and may be cited as the "Colorado Reportable Transactions Act".
Source: L. 2009: Entire section added, (HB 09-1093), ch. 75, p. 271, § 4, effective April 2.
Definitions. For purposes of this subpart 2, unless the context otherwise requires:
"Colorado combined group" means a group of affiliated C corporations required orallowed to file a combined report pursuant to section 39-22-303.
"Department" means the department of revenue.
"Income tax" means a tax imposed under this article.
"Income tax return" means a return filed under section 39-22-601.
"Listed transaction" means a transaction that is:
The same as, or substantially similar to, a transaction or arrangement specificallyidentified as a listed transaction by the United States secretary of the treasury in written materials interpreting the requirements of section 6011 of the internal revenue code;
A transaction between a captive real estate investment trust as defined in section 3922-503 (2) and its more than fifty percent beneficial owner as described in section 39-22-503 (2)(a); or
A transaction between a captive regulated investment company as defined in section39-22-501 (2) and its more than fifty percent beneficial owner as described in section 39-22-501 (2)(a).
"Material advisor" shall have the same meaning as set forth in section 6111 of theinternal revenue code.
"Reportable transaction" means any transaction or arrangement that is the same asany transaction or arrangement described in 26 CFR 1.6011-4 (b)(2) to (b)(6) but shall not include any transactions specifically excluded by the internal revenue service.
Source: L. 2009: Entire section added, (HB 09-1093), ch. 75, p. 271, § 4, effective April 2.