(1) Every owner or operator of a motor vehicle operated over any public highway of this state who is required to pay the passenger-mile tax imposed by sections 42-3-304 and 42-3-306 shall apply to the department and secure a passenger-mile tax permit and shall keep and maintain true and correct records of the operations of such motor vehicles, including the number of miles operated and the number of passengers carried, in such form as to reflect the actual activity of all such motor vehicles and as may be prescribed by the department and the public utilities commission. Such owner or operator shall preserve all such records for a period of four years. The passenger-mile tax permit shall remain effective until the owner advises the department of a change in ownership or a discontinuance of business or until such owner has failed to file tax reports and pay any applicable passenger-mile tax for four successive tax periods. (2) For failure to apply for and secure a permit, the executive director of the department may impose a penalty in an amount equal to twenty-five percent of any tax found to be due and payable or twenty-five dollars, whichever is greater. (3) Failure or refusal of an owner or operator to keep and maintain such records shall, upon certification by the department to the public utilities commission, be cause for suspension or revocation of a certificate of public convenience and necessity or a contract carrier permit. (4) (a) If an examination of the financial responsibility of an owner or operator of a motor vehicle subject to the payment of the passenger-mile tax indicates that a financial guarantee in the form of cash, a certified check, a bank money order, a bond, or a negotiable certificate of deposit issued by a commercial bank doing business in this state and acceptable to the executive director is necessary to guarantee payment of the tax, the owner or operator may be required to deposit such guarantee with the department in an amount no greater than twice the amount of tax estimated by the executive director to become due and payable each tax period. If the deposit is in cash or a negotiable certificate of deposit, it shall be subject to forfeiture upon failure of the owner or operator to comply with sections 42-3-304 to 42-3-308, this section, article 10.1 of title 40, or the rules of the department or the public utilities commission; if it is a surety bond, it shall be conditioned upon the insured's faithful compliance with all applicable statutes and rules. (b) Failure or refusal of an owner or operator to provide or to continue in effect the guarantee when required in paragraph (a) of this subsection (4) shall, upon certification by the department to the public utilities commission, be cause for denial, suspension, or revocation of a certificate of public convenience and necessity or a contract carrier permit. (c) All cash, certified checks, bank money orders, negotiable certificates of deposit, and surety bonds deposited in compliance with this section shall be delivered into the custody of the state treasurer and held by the state treasurer subject to further order of the department. If an owner or operator ceases operations, the deposit or any balance thereof shall be returned to the owner or operator after all taxes, penalties, fees, and charges owed by such owner or operator pursuant to this article have been paid. (5) The following penalties shall be imposed if a person negligently or knowingly includes an error in records required by subsection (1) of this section and such error is contained in a previously filed statement under section 42-3-308: (a) Twenty-five percent of the deficiency assessed; and (b) Interest of one-half of one percent per month on the deficiency assessed, which shall be in addition to the interest due under section 39-21-109, C.R.S.
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