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Tuesday, November 5, 2024

Colorado's combined tax revenues down 1.7% from Q3 to Q4 2021

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Heidi Humphreys, Executive Director | Colorado Department of Revenue

Heidi Humphreys, Executive Director | Colorado Department of Revenue

Combined tax revenues in Colorado decreased 1.7% in the fourth quarter of 2021 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Colorado collected $4.5 billion in taxes during the fourth quarter of 2021, compared to $4.6 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($2.7 billion) and general sales and gross receipts taxes ($1.5 billion).

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Q4 Colorado Tax Collections
Type of TaxAmount (millions)
Income Taxes$2,732
Sales and Gross Receipts Taxes$1,528
License Taxes$223
Other Taxes$28
Source: U.S. Census Bureau

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