In a welcome change from new sales tax burdens on businesses, the state of Colorado has announced via HB22-1406 (Qualified Retailer Retain Sales Tax) renewal for July, August and and September 2022, a limited special deduction from state taxable sales.
Eligible retailers must continue to collect all applicable local sales taxes, file timely returns and pay local sales taxes. However, they are allowed to take a deduction from their Colorado Sales Tax Return (form DR 0100)and can retain and spend the resulting sales tax.