The Colorado Department of Revenue has officially pushed back the deadline to pay state income taxes from April 15 to July 15. There will be no penalty for those who take advantage of the extension.

The announcement follows an identical change at the national level, with federal income tax filers also receiving a 90-day extension. The Internal Revenue Service still urged people to file taxes as soon as possible because the agency is processing refunds within 21 days generally.

Anyone who must make estimated state income tax payments for the 2020 calendar year will also have a July 15 deadline.

CBS News reports that pushing back tax day may not have a stimulative effect on the economy. Typically, those with higher incomes who file closer to the deadline owe money to the government, whereas those with lower incomes who typically receive refunds are early to file.

Although Congress is working on a proposal of more than $1.5 trillion to prevent an economic freefall, some analysts have worried that it will not be enough to prevent an economic recession or depression in the wake of business closures and event cancellations worldwide.

Colorado's General Assembly has not yet passed a budget for the next fiscal year. The legislature put itself on hiatus to prevent coronavirus transmission among members, staff and visitors to the capitol. The state Supreme Court will determine whether the 120-day session can be put on pause, or if the temporary break must be subtracted from the session length.

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