§ 15-12-1401. Short Title
This part 14 shall be known and may be cited as the “Colorado Uniform Estate Tax Apportionment Act”. Source: L. 2011: Entire part added, (SB 11-165), ch. 184, p. 699, § 1, effective August 10.
§ 15-12-1402. Definitions
As used in this part 14, unless the context otherwise requires: “Apportionable estate” means the value of the gross estate as finally determined for purposes of the estate tax to be apportioned, reduced by: Any claim or expense allowable as a deduction for purposes of the estate tax; The value of any interest in property […]
§ 15-12-1403. Apportionment by Will or Other Dispositive Instrument
Except as otherwise provided in subsection (3) of this section, the following rules apply: To the extent that a provision of a decedent’s will expressly and unambiguously directs the apportionment of an estate tax, the tax shall be apportioned accordingly. Any portion of an estate tax not apportioned pursuant to paragraph (a) of this subsection […]
§ 15-12-1404. Statutory Apportionment of Estate Taxes
To the extent that apportionment of an estate tax is not controlled by an instrument described in section 15-12-1403, and except as otherwise provided for in sections 15-12-1406 and 15-12-1407, the following rules apply: Subject to paragraphs (b) to (d) of this subsection (1), the estate tax shall be apportioned ratably to each person that […]
§ 15-12-1405. Credits and Deferrals
Except as otherwise provided for in sections 15-12-1406 and 15-12-1407, the following rules apply to credits and deferrals of estate taxes: A credit resulting from the payment of gift taxes or from estate taxes paid on property previously taxed inures ratably to the benefit of all persons to which the estate tax is apportioned. A […]
§ 15-12-1406. Insulated Property, Advancement of Tax – Definitions
As used in this section, unless the context otherwise requires: “Advanced fraction” means a fraction that has as its numerator the amount of the advanced tax and as its denominator the value of the interests in insulated property to which that tax is attributable. “Advanced tax” means the aggregate amount of estate tax attributable to […]
§ 15-12-1407. Apportionment and Recapture of Special Elective Benefits
As used in this section, unless the context otherwise requires: “Special elective benefit” means a reduction in an estate tax obtained by an election for: A reduced valuation of specified property that is included in the gross estate; A deduction from the gross estate, other than a marital or charitable deduction, allowed for specified property; […]
§ 15-12-1408. Securing Payment of Estate Tax From Property in Possession of Fiduciary
A fiduciary may defer a distribution of property until the fiduciary is satisfied that adequate provision for payment of the estate tax has been made. A fiduciary may withhold from a distributee an amount equal to the amount of estate tax apportioned to an interest of the distributee. As a condition to a distribution, a […]
§ 15-12-1409. Collection of Estate Tax by Fiduciary
A fiduciary responsible for payment of an estate tax may collect from any person the tax apportioned to and the tax required to be advanced by that person. Except as otherwise provided for in section 15-12-1406, any estate tax due from a person that cannot be collected from that person may be collected by the […]
§ 15-12-1410. Right of Reimbursement
A person required pursuant to section 15-12-1409 to pay an estate tax greater than the amount due from the person pursuant to sections 15-12-1403 and 15-12-1404 has a right to reimbursement from another person to the extent that the other person has not paid the tax required by sections 15-12-1403 and 15-12-1404 and a right […]
§ 15-12-1411. Action to Determine or Enforce Part
A fiduciary, transferee, or beneficiary of the gross estate may maintain an action for declaratory judgment to have a court determine and enforce this part 14. Source: L. 2011: Entire part added, (SB 11-165), ch. 184, p. 707, § 1, effective August 10.
§ 15-12-1412. Uniformity of Application and Construction
In applying and construing this part 14, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. Source: L. 2011: Entire part added, (SB 11-165), ch. 184, p. 707, § 1, effective August 10.
§ 15-12-1413. Severability
If any provision of this part 14 or the application thereof to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this part 14 that can be given effect without the invalid provision or application, and to this end the provisions of this part 14 are severable. […]
§ 15-12-1414. Delayed Application
Sections 15-12-1403 to 15-12-1407 shall not apply to the estate of a decedent who dies on or within three years after August 10, 2011, nor to the estate of a decedent who dies more than three years after August 10, 2011, if the decedent continuously lacked testamentary capacity from the expiration of the three-year period […]