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Below is a snapshot of key features of Colorado's tax system. (Scroll Down)
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State & Local Revenue (FY08)
- General Revenue, Own-Source (GROS): $31.6 billion
- General Revenue as a Share of Income: 15.1%
- Tax Revenue: $19.6 billion
- Tax Revenue as Share of income: 9.4%
- Personal Income Tax (Share of Tax Revenue): 25.8% (20 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 2.6% (42 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 34.6% (24 out of 51)
- Property Tax (Share of Tax Revenue): 31.2% (22 out of 51)
- Other Taxes (Share of Tax Revenue): 4.3% (14 out of 51)
Personal Income Tax Features (2011)
- Range of Tax Rates: 4.63%
- Standard Deduction: $5,800 ($11,600 for Married Couples)
- Personal Exemption: $3,700
- Dependent Exemption: $3,700
- Earned Income Tax Credit (EITC): Currently Suspended
- Flat income tax rate structure
Corporate Income Tax Features (2011)
- Range of Tax Rates: 4.63%
- Income Level at Which Top Rate Applies: All
- Combined Reporting: Yes
- Apportionment Factor (Payroll): 0%
- Apportionment Factor (Property): 50%
- Apportionment Factor (Sales): 50%
- Apportionment Note: Corporations can elect to use equally weighted formula
Sales Tax Features (2011)
- State Sales Tax Rate: 2.90%
- Average Local Sales Tax Rate: 3.50%
- Average Combined State & Local Sales Tax Rate: 6.40%
- State Sales Tax Treatment of Groceries: Exempt
- Local Sales Tax Treatment of Groceries: Taxed
- Number of Services Taxed: 14 out of 168 surveyed
- Streamlined Sales Tax Membership: No
- Vendor Compensation available without ceiling
Property Tax Features (2011)
- Gallagher Amendment requires state property tax revenue to be 45% residential and 55% commercial.
- Local taxing districts can only increase rates with voter approval.
- Utilizes split roll system.
Other Tax & Revenue Features (2011)
- Gasoline Tax Rate (per gallon): $0.22
- Diesel Tax Rate (per gallon): $0.205
- Cigarette Tax Rate (per pack): $0.84
- Estate or Inheritance Tax: No
- Net Lottery Sales Per Capita: $89
Tax Policy Oversight
- Tax Expenditure Report: Yes, but excludes at least one major tax
- Tax Incidence Analysis Capability: Multiple taxes
Last Updated August 25, 2011
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