We introduce and study a filtration on the representation ring $R(G)$ of an affine algebraic group $G$ over a field. This filtration, which we call Chow filtration, is an analogue of the coniveau filtration on the Grothendieck ring of a smooth variety. We compare it with the other known filtrations on $R(G)$ and show that all three define on $R(G)$ the same topology. For any $n\geq 1$, we compute the Chow filtration on $R(G)$ for the special orthogonal group $G:=O^+(2n+1)$. In particular, we show that the graded group associated with the filtration is torsion-free. On the other hand, the Chow ring of the classifying space of $G$ over any field of characteristic $\ne 2$ is known to contain non-zero torsion elements. As a consequence, any sufficiently good approximation of the classifying space yields an example of a smooth quasi-projective variety $X$ such that its Chow ring is generated by Chern classes and at the same time contains non-zero elements vanishing under the canonical homomorphism onto the graded ring associated with the coniveau filtration on the Grothendieck ring of $X$.