Colorado tax revenue slides 2.2% in January
Written on February 13, 2010
Colorado tax revenues for the first month of 2010 looked a lot like the revenues from much of 2009, showing a year-over-year decrease once again.
Total tax revenue for the state fell by 2.2 percent from January 2009 to January 2010, according to figures released Thursday by the Colorado Department of Revenue. Since the fiscal year began in July 2009, revenues are down 9.9 percent from the year before.
Sales taxes fell 8.9 percent year over year in January, and individual income tax receipts were down 5.8 percent. Corporate income taxes, which make up a far smaller percentage of the budget than the other two pots, fell 531 percent paydayloans.
Though sales-tax revenues continue to drop and under-perform — the January income was 4.3 percent below that forecasted by Gov. Bill Ritter’s Office of State Planning and Budgeting — it is unclear whether the state will have to make a third round of budget cuts to meet the declining income.
A new forecast is due out in mid-March, and the Legislature will determine after that estimate whether it will have to increase revenue or cut services once again.
Filed in: money.