Fillable Consumer Use Tax Return Information And Instructions Mar 2020 Consumer Use Tax Return Information and Instructions

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Consumer Use Tax Return Information And Instructions Mar 2020 Consumer Use Tax Return Information and Instructions

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Consumer Use Tax Return Information and Instructions
This form must be filed if:
You recently acquired a new retail sales tax license, see below letter A.
You recently acquired a new use tax only account, see below letter A.
You are a Colorado Springs Resident and have not paid sales tax on your purchases, see below letter C.
Please note established businesses with an existing retail and/or use tax license should remit future use tax due to the
City of Colorado Springs using line 10 of your sales tax return.
What is use tax?
Use tax is a tax due on the purchase, lease or rental of tangible personal property (excluding inventory for resale) and on
certain services. The tax is due when no City of Colorado Springs sales tax was paid. Use Tax applies to the same type(s) of
transactions as the sales tax, and at the same tax rate of 3.12%. The difference between the two: sales tax is paid to the
seller of the item(s) who then remits the tax to the City; use tax is paid directly to the City. If you do not pay sales tax on
the purchase of a taxable item, you pay city use tax.
Specific Instructions for the types of users:
A. New Business Owner:
Any person who starts or purchases a business in the City must complete the use tax return and report all
property purchased including machinery and equipment, office equipment, furniture, supplies, etc. List the
purchase price of all taxable property using columns A-D.
If property is exempt, or if the City sales tax or comparable city tax has been paid, do not list those
purchases, tax is considered paid in full.
B. Existing Business:
Any existing business with a city sales and/or use tax license should use their city sales tax return, not this
use tax return, to report purchases of property subject to the city use tax.
Any business that does not have city sales and/or use tax license that makes a one-time purchase subject
to the city use tax must report the purchase using columns A-D of this use tax return.
If a business makes repeated purchases that are subject to the use tax, the business must obtain a city Use
Tax Only Account. Visit our website for more information.
C. Colorado Springs Residents:
City Tax Code 2.7.427 permits a one hundred dollar ($100) use tax exemption for residents. Any resident
who purchases an appliance, household furniture, furnishings, wearing apparel or accessories, outside of
the city, and subsequently brings the item into the city for personal use, with a value of less than one
hundred dollars, is exempt from consumer use tax. The exemption is to be applied to each item’s
individual price and is limited to the listed categories above. This exemption does not apply to online
purchases or for business use.
What if I am late?
Returns and tax payments are due on or before the due date printed on the return or the 20
th
day of the new month
following the purchase. Failure to file the return and pay the tax by the due date may result in a penalty of 10% of the tax
plus interest.
Please retain records of purchases for at least three years. The burden of proof of exempt sales and purchases lies with the
taxpayer.
Question/Answer:
How would I begin to locate all this information, examples could include yet not limited to?
Asset depreciation schedule (as filed on your Federal Income Tax returns)
Itemized list of property purchased or rented on a contract
Items purchased to use in your business that City sales tax was not paid such as an internet purchase, out of state
purchase, out of city purchase, Craig’s list, eBay, Amazon, items purchased on a military installation etc.
Balance Sheet (Financial Accounting Records)
Assets as recorded in your General Ledger
Invoice copies & related payment information
What if I bring the item from home or originally bought the item for home use?
If you purchased the item and used it at home, you must list the store or individual you bought the item from
along with an address (if known) in Column B.
If you paid City sales tax on the item when you purchased it, no use tax is due.
If you did not pay City sales tax on the item when you purchased it, City use tax is due.
If I lease or rent tangible personal property, is tax still due?
A lease or rental of tangible, personal property is subject to tax. City sales tax is due on your monthly payments.
If your lease/rental agreement DOES NOT show City sales tax charged, City use tax is due on your monthly
payments. The monthly payments are to be reported on your City sales tax returns (line 10) which will be mailed
to you on a monthly or quarterly basis, depending on the filing status indicated on the application for your City
license.
Is use tax due on the purchase of business “property”?
City use tax is due on the purchase of business property if no City sales tax was paid to the seller. This DOES NOT include
inventory for resale.
Example: if a business buys a cash register from a local store and pays sales tax to that store, no use tax is due.
Example: A business buys a cash register from an out-of-state company via catalog or internet purchase and pays
no City sales tax on that purchase, City use tax is due. Use Column D.
Is use tax due on the purchase of a “business”?
If the purchase contract separately lists the value of furniture, fixtures, equipment, and operating supplies that are
purchased as part of a business, and NO City sales tax was paid to the seller, City use tax is due on the listed
purchase price, or on the fair market value, whichever is greater.
If the purchase contract is a lump-sum deal with no provision for City sales tax, City use tax is due on the book
value of assets set up for the Federal income tax depreciation purposes or the fair market value, whichever is
greater.
Is use tax due if I brought tangible personal property in from another city and I paid sales tax on the item(s)?
If the sales tax rate due and paid to another Colorado municipal city is less than 3.12%, use tax would be due on
the difference between the two rates. Example: The tax rate due and paid to another Colorado city was 2%, you
would owe an additional 1.12% City tax. If the sales tax rate paid to another Colorado municipal is greater than
3.12%, no additional City tax is due.
Is use tax due if I brought tangible personal property in from another state?
If the sales tax rate due and paid to another state, or another state in combination with any political subdivision of
that state, is equal to the total rate of 8.25% (the combined rate of the State of Colorado, City of Colorado Springs,
El Paso County, and PPRTA), no use tax is due the City of Colorado Springs. If the sales tax rate due and paid to
another state, or another state in combination with any political subdivision is greater than the combined rate of
the State of Colorado, El Paso County and the Pikes Peak Rural Transportation Authority of 5.13%, then the rate of
tax paid in excess of this rate is allowed as a credit against the City of Colorado Springs rate of 3.12%. Example:
The tax rate paid to another state was 6.0%, you would owe 2.25% tax to the City (6.0%-5.13%=.87%/ Then 3.12%-
.87%=2.25%).
Period Covered:
Due Date of Return:
USE TAX RETURN
Customer ID:
Entity Name:
This form is specific to this business location:
Doing Business As:
Location Number:
Mailing Address:
Doing Business As:
City, State, Zip Code:
Location Address:
Itemized report of taxable property or services where sales tax was NOT paid at the time of purchase.
Additional sheets other than this form may be attached if needed.
Return must be filed even if no use tax is due.
Failure to return this form may result in assessment of estimated tax due.
Checks or money orders payable to the City of Colorado Springs.
A.) Date of purchase B.) Name of vendor C.) Description of property purchased D.) Purchase price total
Ex. 1/1/2014 Taylor Copiers Copier and fax machine (did not charge me sales tax) $1500.00
Total of purchase price, the sum of column D:
Total multiplied by
Use Tax Due=
Late filing ______ x 10.0% penalty=
Late filing ______ x 0.75% interest=
Total due and payable:
$
$
Sales Tax
Department 2408
Denver, CO 80256-0001
Tel: 719-385-5903, Fax: 719-385-5291
Email: salestax@coloradosprings.gov
Signature:
Printed Name:
Title:
Phone
Date
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Completed 12 July 2020

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