Extensions of the period for claiming refunds

If an individual and the IRS enter into an agreement to extend the period allowed for claiming a refund of federal income tax, the period for claiming a refund of Colorado income tax is extended by the same amount of time. The individual may file a claim for refund of Colorado income tax at any time within one year following the expiration of the period agreed upon by the taxpayer and the IRS for the claiming of a refund of federal income tax. In the case of a federal adjustment, an individual may file a claim for refund of Colorado income tax at any time within one year of the finalization of the federal adjustment or within the time provided under the general statute of limitations discussed earlier in this Part 8, whichever is later.

The period allowed for claiming a refund for Colorado income tax may also be extended by agreement between the individual and the Colorado Department of Revenue. Any agreement to extend the period allowed for assessment will extend the period allowed for filing a claim for refund by the same amount of time. Unless the individual fails to file a return or files a false or fraudulent return with intent to evade tax, the time allowed for claiming a refund for any tax year will not expire prior to the expiration of the time allowed for the assessment of any deficiency for the same tax year.