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What Is Colorado State Income Tax Rate

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Tax policy in Colorado

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Tax rates in 2017
Personal income tax:
4.63%
State sales tax:
2.90%
Corporate income tax:
4.63%
Tax revenues in 2016
Total tax collections:
$12.80 billion
Tax collections per capita:
$2,309

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Total state expenditures • State debt • Colorado state budget and finances

Colorado generates the bulk of its tax revenue by levying a personal income tax and a sales tax. The state derives its constitutional authority to tax from Article X of the state constitution.[1] [2]

Tax policy can vary from state to state. States levy taxes to help fund the variety of services provided by state governments. Tax collections comprise approximately 40 percent of the states' total revenues. The rest comes from non-tax sources, such as intergovernmental aid (e.g., federal funds), lottery revenues and fees. The primary types of taxes levied by state governments include personal income tax, general sales tax, excise (or special sales) taxes and corporate income tax.[3]

HIGHLIGHTS

  • According to the United States Census Bureau, Colorado collected $12.80 billion in tax revenue in 2016. The state's tax revenue per capita was $2,309.

    • Contents

    • 1 Tax rates
      • 1.1 Personal income tax
        • 1.1.1 Personal exemptions
        • 1.1.2 Capital gains tax
      • 1.2 Sales tax
        • 1.2.1 Excise taxes
      • 1.3 Corporate income tax
      • 1.4 Property tax
      • 1.5 Estate and inheritance taxes
    • 2 Tax revenues
    • 3 Tax ballot measures
    • 4 Recent news
    • 5 See also
    • 6 External links
    • 7 Footnotes

    Tax rates

    Personal income tax

    See also: Personal income tax

    Colorado utilized a flat personal income tax rate of 4.63 percent in 2017.[4]

    The table below summarizes personal income tax rates for Colorado and neighboring states in 2017.[4]

    Personal income tax rates, 2017
    State Tax rates Number of brackets Brackets
    Lowest Highest Lowest Highest
    Colorado 4.63% 1 Flat rate
    New Mexico 1.7% 4.9% 4 $5,500 $16,001
    Utah 5% 1 Flat rate
    Wyoming No state income tax
    Note: For complete notes and annotations, please see the source below.
    Source: Tax Policy Center, "Individual State Income Tax Rates 2000-2017," accessed October 26, 2017

    Personal exemptions

    States that collect a personal income tax allow individuals to claim personal exemptions on income taxes each year. The personal exemption indicates that only a person's income above a certain level is subject to taxation. [5]

    Exemptions work by reducing the amount of an individual's taxable income. Both state and federal taxes allow exemptions. The state exemptions for Colorado and its neighboring states as reported by the Tax Policy Center are reported in the chart below.[6]

    Personal exemptions, 2017
    State Single Married Dependents
    Colorado $4,050 $8,100 $4,050
    New Mexico $4,050 $8,100 $4,050
    Utah 6% tax credit 6% tax credit 6% tax credit
    Wyoming No state income tax
    Note: For complete notes and annotations, please see the source below.
    Source: Tax Policy Center, "Individual State Income Tax Rates 2000-2017," accessed October 26, 2017

    Capital gains tax

    See also: Capital gains tax

    A capital gains tax is a tax levied on the profit gleaned from the sale of a capital asset. Examples of capital assets include stocks, businesses, land parcels, homes, personal items and more. Capital gains are taxable at both the federal and state levels. While the federal government taxes capital gains at a lower rate than regular personal income, states usually tax capital gains at the same rates as regular income. [7] [8] [9]

    The table below summarizes uppermost capital gains tax rates for Colorado and neighboring states in 2015.

    Uppermost capital gains tax rates by state, 2015
    State State uppermost rate Combined uppermost rate
    Colorado 4.6% 27.8%
    New Mexico 4.9% 26.5%
    Utah 5% 28%
    Wyoming 0% 25%
    Note: For complete notes and annotations, please see the source below.
    Source: Tax Foundation, "The High Burden of State and Federal Capital Gains Tax Rates," accessed October 26, 2017

    Sales tax

    See also: Sales tax

    Almost all states employ a statewide sales tax, which ranges from 2.9 percent in Colorado to 7.25 percent in California. Additionally, many states allow the levying of local sales taxes, which are then added to the state's tax.

    Colorado's state sales tax was 2.90% percent in 2017. The average local tax was about 4.60% percent, meaning that the average combined sales tax was about 7.50% percent. The table below displays the state tax rates, average local tax rates, and average combined tax rates for Colorado and its neighboring states.[10]

    Combined sales tax rates, 2015
    State State sales tax Average local sales tax Combined
    Colorado 2.90% 4.60% 7.50%
    New Mexico 5.13% 2.43% 7.55%
    Utah 5.95% 0.81% 6.76%
    Wyoming 4.00% 1.40% 5.40%
    Note: For full annotations, see the source below.
    Source: The Tax Foundation, "State and local sales tax rates, 2017," accessed October 26, 2017

    The table below summarizes sales tax rates for Colorado and neighboring states in 2017 as well as the state's policy with respect to types of items commonly exempted from sales tax (i.e., food, prescription drugs and nonprescription drugs).[11]

    Sales tax rates, 2017
    State Sales tax rate Exemption status
    Food Prescription drugs Nonprescription drugs
    Colorado 2.9% Exempt Exempt Taxable
    New Mexico 5.1% Exempt Exempt Taxable
    Utah 6.0% 3 Exempt Taxable
    Wyoming 4.0% Exempt Exempt Taxable
    Source: Tax Policy Center, "Sales Tax Rates 2000-2017," accessed October 26, 2017

    Excise taxes

    See also: Excise taxes

    Excise taxes, also known as selective sales or differential commodity taxes, are levied for the sales of specific goods or services. Excise taxes are considered indirect taxes because they are not charged directly to individuals. In most cases, the excise tax is paid by the producer or seller of an item. The cost of the tax is then included in the sale price of the item and passed on to the consumer. The tables below provide excise tax rates for motor fuel, alcohol and cigarettes in Colorado and neighboring states.[12] [13] [14] [15]

    Fuel excise tax rates, 2017 (in cents per gallon)
    State Gasoline Diesel Gasohol
    Excise tax Other taxes Total tax Excise tax Other taxes Total tax Excise tax Other taxes Total tax
    Colorado 22¢ 0¢ 22¢ 20.5¢ 0¢ 20.5¢ 20¢ 0¢ 20¢
    New Mexico 17¢ 1.875¢ 18.875¢ 21¢ 1.875¢ 22.875¢ 17¢ 1.875¢ 18.875¢
    Utah 29.4¢ 0¢ 29.4¢ 29.4¢ 0¢ 29.4¢ 29.4¢ 0¢ 29.4¢
    Wyoming 23¢ 1¢ 24¢ 23¢ 1¢ 24¢ 23¢ 1¢ 24¢
    Note: For full annotations, see the source below.
    Source: Tax Policy Center, "State Motor Fuels Tax Rates 2000-2011, 2013-2017," accessed October 26, 2017
    Alcohol excise tax rates, 2017 (in dollars per gallon)
    State Liquor Wine Beer
    Tax rate Does general sales tax apply? Tax rate Does general sales tax apply? Tax rate Does general sales tax apply?
    Colorado $2.3 Yes $0.3 Yes $0.1 Yes
    New Mexico $6.1 Yes $1.7 Yes $0.4 Yes
    Utah See footnote 1 Yes See footnote 1 Yes $0.4 Yes
    Wyoming See footnote 1 Yes See footnote 1 Yes $0.0 Yes
    Note: For full annotations, see the source below.
    1"In 17 states, the government directly controls the sales of distilled spirits. Revenue in these states is generated from various taxes, fees, price mark-ups, and net liquor profits."
    2"General sales tax applies to on-premise sales only."
    Source: Tax Policy Center, "Alcohol Rates 2000-2010, 2013-2017," accessed October 26, 2017
    State cigarette taxes, 2017 (in cents per pack)
    State Tax rate National ranking
    Colorado 84¢ 38
    New Mexico 166¢ 23
    Utah 170¢ 21
    Wyoming 60¢ 43
    Note: For full annotations, see the source below.
    Source: Tax Policy Center, "State Cigarette Taxes, 2017," accessed October 26, 2017

    Corporate income tax

    See also: Corporate income tax

    Colorado levies a corporate income tax rate of 4.63 percent. The table below compares the corporate income tax rates of some of its neighboring states.[16] [17]

    Corporate income tax rates, 2016
    State Tax rate Brackets Number of brackets
    Lowest Highest
    Colorado 4.63% Flat Rate 1
    New Mexico 4.80% to 6.60% $500,000 $1,000,000 3
    Utah 5.00% Flat Rate 1
    Wyoming No corporate income tax
    Note: For complete notes and annotations, please see the source below.
    Source: Tax Foundation, "State Corporate Income Tax Rates and Brackets for 2015," accessed October 26, 2017

    Property tax

    See also: Property tax

    Most often, property tax applies to real estate, although some states levy property taxes on other types of personal property, such as automobiles. Generally speaking, an individual's property tax liability is determined by the tax rate and the tax base, which is "determined by both the assessed value of the property and ... the share of the assessed value that is subject to tax." To learn more about property taxes, including tabulation methods, see this page. Property tax rates can vary substantially from locality to locality within a state.[18] [19] [20] [18] [19]

    The table below provides the mean amount of property taxes paid in 2012, as well as property tax as a mean percentage of home value for 2014, in Colorado and neighboring states.[18]

    Mean property taxes paid per state, 2012 and 2014
    State Mean property taxes paid (2012) Property tax as a percent of home value (2014)
    Colorado $1,581 0.59%
    New Mexico $1,325 0.66%
    Utah $1,514 0.63%
    Wyoming $1,141 0.51%
    Source: Tax Policy Center, "Residential Property Taxes in the United States," November 18, 2013
    Source: Tax Foundation, "Facts & Figures 2016: How Does Your State Compare?", accessed October 27, 2017

    The table below lists per capita state and local property tax collections for Colorado and neighboring states for fiscal year 2013.[21]

    State and local property tax collections per capita, 2013
    State Collections per capita
    Colorado $1,333
    New Mexico $685
    Utah $952
    Wyoming $2,173
    Source: Tax Foundation, "Facts and Figures 2016: How Does Your State Compare?" accessed October 26, 2017

    Estate and inheritance taxes

    See also: Estate and inheritance taxes

    Estate and inheritance taxes are levied on the property of deceased individuals (decedents). Generally speaking, an estate tax is applied to the value of a decedent's property and is paid from the estate before distribution to any heirs. By contrast, an inheritance tax is paid by the heir or heirs of a decedent's assets.[22] [23] [24]

    Colorado does not levy an estate tax, although residents are liable for the federal estate tax. The table below summarizes the estate tax rates for Colorado and neighboring states in 2016.[24]

    Estate taxes, 2016
    State Exemption threshold Minimum rate Maximum rate
    Colorado N/A
    New Mexico N/A
    Utah N/A
    Wyoming N/A
    Note: For complete notes and annotations, please see the source below.
    Source: Tax Foundation, "Facts and Figures 2015: How Does Your State Compare?" accessed October 5, 2015

    Tax revenues

    See also: Colorado state budget and finances

    The table below breaks down state government tax collections by source in 2016 (comparable figures from surrounding states are also provided to give additional context). Figures for all columns except "2016 population" and "Per capita collections" are rendered in thousands of dollars (for example, $2,448 translates to $2,448,000). Figures in the columns labeled "2016 population" and "Per capita collections" have not been abbreviated.[25]

    State tax collections by source ($ in thousands), 2016
    State Property taxes Sales and gross receipts Licenses Income taxes Other taxes Total 2016 population Per capita collections
    Colorado N/A $4,897,029 $702,499 $7,111,711 $84,079 $12,795,318 5,540,545 $2,309
    New Mexico $106,524 $2,930,004 $342,527 $1,523,753 $559,299 $5,462,107 2,081,015 $2,625
    Utah N/A $3,031,819 $290,426 $3,707,893 $52,823 $7,082,961 3,051,217 $2,321
    Wyoming $338,776 $820,146 $157,086 N/A $597,599 $1,913,607 585,501 $3,268
    United States $18,364,298 $442,909,995 $52,164,396 $392,286,910 $24,538,146 $930,263,745 322,762,018 $2,882.20
    Source: U.S. Census Bureau, "2016 annual survey of state government tax collections by category," accessed June 26, 2017

    The table below lists 2016 tax collections by source as percentages of total collections. About 55.6 percent of Colorado's total state tax collections came from income taxes.[25]

    State tax collections by source (as percentages), 2016
    State Property taxes Sales and gross receipts Licenses Income taxes Other taxes
    Colorado N/A 38.3% 5.5% 55.6% 0.7%
    New Mexico 2.0% 53.6% 6.3% 27.9% 10.2%
    Utah N/A 42.8% 4.1% 52.3% 0.7%
    Wyoming 17.7% 42.9% 8.2% N/A 31.2%
    Source: U.S. Census Bureau, "2016 annual survey of state government tax collections by category," accessed April 4, 2016

    Tax ballot measures

    Voting on taxes
    Taxes.jpg
    Ballot measures
    By state
    By year
    Not on ballot
    Local
    City taxes
    County taxes
    School taxes
    Property taxes
    Sales taxes
    Income taxes
    Other taxes
    See also: Taxes on the ballot and List of Colorado ballot measures

    Ballotpedia has tracked the following ballot measures relating to taxes in Colorado.

    1. Colorado 20-Mill Tax Rate Limit, Measure 3 (1936)
    2. Colorado Abolishment of State Tax Commission, Measure 5 (1916)
    3. Colorado Amendment 73, Establish Income Tax Brackets and Raise Taxes for Education Initiative (2018)
    4. Colorado Amendment B, Gallagher Amendment Repeal and Property Tax Assessment Rates Measure (2020)
    5. Colorado Aviation Fuel Tax Removal from Fund, Measure 7 (1974)
    6. Colorado Cigarette Tax, Amendment 1 (1994)
    7. Colorado Definition of Income, Measure 3 (1962)
    8. Colorado Education Funding and TABOR Rebates, Initiative 59 (2008)
    9. Colorado Elimination of "Uniformity Clause" and Boards of Equalization, Measure 3 (1934)
    10. Colorado Equalization of Tax Assessments, Measure 15 (1914)
    11. Colorado Exempt Food from Taxation, Measure 7 (1976)
    12. Colorado Exempt Possessory Interests in Real Property, Referendum R (2010)
    13. Colorado General Assembly Empowered to Provide Graduated Income Tax, Measure 4 (1932)
    14. Colorado General Assembly Empowered to Provide Graduated Income Tax, Measure 8 (1936)
    15. Colorado General Assembly Empowered to Provide Taxes for Public Schools, Measure 5 (1932)
    16. Colorado General Assembly Empowered to Provide for Income Tax, Measure 4 (1936)
    17. Colorado General Assembly to Enact Motor Vehicle Taxes, Measure 3 (1926)
    18. Colorado General Property Tax Limit, Measure 7 (1972)
    19. Colorado Household Furnishings Exempt from Taxation, Measure 2 (1956)
    20. Colorado Income Tax Credit for Education, Initiative 17 (1998)
    21. Colorado Income Tax and Exemptions from Ad Valorem Taxation, Measure 4 (1922)
    22. Colorado Income Tax to Replace Property Taxes, Measure 4 (1940)
    23. Colorado License Fees on Chain Stores, Measure 7 (1934)
    24. Colorado Limit on Motor Fuel Tax, Measure 6 (1934)
    25. Colorado Limit on Motor Fuel Taxation, Measure 6 (1932)
    26. Colorado Local Taxing Authority, Measure 5 (1960)
    27. Colorado Marijuana TABOR Refund Measure, Proposition BB (2015)
    28. Colorado Motor Vehicle, Income, and Telecom Taxes, Proposition 101 (2010)
    29. Colorado Oil and Natural Gas Severance Taxes, Initiative 58 (2008)
    30. Colorado Oleomargarine Tax Increase, Measure 2 (1932)
    31. Colorado One-Mill Levy for State Education Institutions, Measure 7 (1920)
    32. Colorado Ownership Tax on Vehicles, Measure 2 (1966)
    33. Colorado Personal Property Taxation, Measure 7 (1954)
    34. Colorado Petroleum and Motor Vehicle Taxes, Measure 8 (1926)
    35. Colorado Property Tax Exemption Amendment, Referendum 5 (1988)
    36. Colorado Property Tax Exemption for Some Possessory Interests, Amendment U (2016)
    37. Colorado Property Tax Exemptions, Initiative 11 (1996)
    38. Colorado Property Tax Exemptions, Measure 3 (1952)
    39. Colorado Property Tax Exemptions for Churches, Schools and Cemeteries, Measure 9 (1936)
    40. Colorado Property Tax Limitation, Measure 5 (1966)
    41. Colorado Property Tax Payer Requirement to Vote on School Bonded Indebtedness, Measure 2 (1928)
    42. Colorado Property Tax Rate Reduction Initiative (2022)
    43. Colorado Property Tax Reduction for Disabled Veterans, Referendum E (2006)
    44. Colorado Property Tax Reduction for Senior Citizens, Referendum A (2000)
    45. Colorado Property Taxes, Initiative 60 (2010)
    46. Colorado Proposition 110, "Let's Go Colorado" Transportation Bond and Sales Tax Increase Initiative (2018)
    47. Colorado Proposition 116, Decrease Income Tax Rate from 4.63% to 4.55% Initiative (2020)
    48. Colorado Proposition 117, Require Voter Approval of Certain New Enterprises Exempt from TABOR Initiative (2020)
    49. Colorado Proposition 119, Creation of Out-of-School Education Program and Marijuana Sales Tax Increase Initiative (2021)
    50. Colorado Proposition 120, Reduce Property Tax Rates and Retain $25 Million in TABOR Surplus Revenue Initiative (2021)
    51. Colorado Proposition AA, Taxes on the Sale of Marijuana (2013)
    52. Colorado Proposition DD, Legalize Sports Betting with Tax Revenue for Water Projects Measure (2019)
    53. Colorado Proposition EE, Tobacco and E-Cigarette Tax Increase for Health and Education Programs Measure (2020)
    54. Colorado Public Real Property Exempted from Property Taxation, Measure 2 (1968)
    55. Colorado Publication of Measures, Measure 16 (1914)
    56. Colorado Referendum 1, Property Tax Assessment Rates Gallagher Amendment (1982)
    57. Colorado Repeal Chain Store Tax, Measure 3 (1938)
    58. Colorado Sales Tax Increase, Referendum A (1993)
    59. Colorado Sales Tax Rate Reduction Initiative (2022)
    60. Colorado Sales Tax for Developmentally Disabled, Initiative 51 (2008)
    61. Colorado Sales and Income Tax Increase Initiative, Proposition 103 (2011)
    62. Colorado Severance Tax Revenue for Highways, Initiative 52 (2008)
    63. Colorado Severance Tax on Oil and Gas, Measure 4 (1952)
    64. Colorado State Business Income Tax Deduction Limit, Referendum H (2006)
    65. Colorado State Income Tax Rate Reduction Initiative (2022)
    66. Colorado State Tax Commission, Measure 24 (1912)
    67. Colorado Tax Cuts, Initiative 21 (2000)
    68. Colorado Tax Increase Approval Amendment, Initiative 4 (1986)
    69. Colorado Tax Increase for Education, Amendment 66 (2013)
    70. Colorado Tax Limits, Measure 12 (1972)
    71. Colorado Tax and Fee Increases Funding Transportation Projects, Initiative 1 (1997)
    72. Colorado Tax on Intangible Property, Measure 1 (1940)
    73. Colorado Tax on Motor Vehicle Ownership, Measure 1 (1936)
    74. Colorado Tax on Nongovernmental Tolls Initiative (2014)
    75. Colorado Taxable Property Assessment, Measure 5 (1962)
    76. Colorado Taxable Value of Residential Property, Initiative 32 (2003)
    77. Colorado Taxation on Petroleum and Motor Vehicles for Roads, Measure 5 (1934)
    78. Colorado Taxpayer Bill of Rights, Initiative 1 (1992)
    79. Colorado Tobacco Tax Increase, Amendment 72 (2016)
    80. Colorado Tobacco Tax Increase for Health-Related Purposes, Initiative 35 (2004)
    81. Colorado Vehicle Classification for Taxation, Measure 2 (1976)
    82. Colorado Voter Approval for Revenue Increases, Initiative 1 (1990)
    83. Colorado Voter Approval for Taxes, Initiative 6 (1988)
    84. Colorado Voter Approval for Taxes Act (1986)
    85. Colorado Voter Approval of Growth, Initiative 24 (2000)
    86. Colorado Voter Approval of all New Taxes, Measure 10 (1976)
    87. Colorado Voters to Impose or Approve Excise Taxes, Measure 4 (1934)
    88. Colorado Winter Olympic Games Funding and Tax, Measure 8 (1972)

    Recent news

    The link below is to the most recent stories in a Google news search for the terms Colorado taxes. These results are automatically generated from Google. Ballotpedia does not curate or endorse these articles.

    See also

    • Colorado
    • Colorado state budget and finances
    • Personal income tax
    • Sales tax
    • Corporate income tax
    • Property tax

    External links

    • Tax Policy Center
    • Federation of Tax Administrators
    • Tax Foundation

    Footnotes

    1. ↑ Constitution of the State of Colorado, "Article X," accessed October 17, 2014
    2. ↑ Tax Policy Center, "State Tax Collection Shares by Type 2000-2013," June 20, 2014
    3. ↑ Brunori, D. (2011). State Tax Policy: A Political Perspective. Washington, D.C.: The Urban Institute Press
    4. ↑ 4.0 4.1 Tax Policy Center, "Individual State Income Tax Rates 2000-2017," accessed October 26, 2017
    5. ↑ Tax Policy Center, "What is the personal exemption?" accessed December 14, 2015
    6. ↑ Internal Revenue Service, "3. Personal Exemptions and Dependents," accessed December 14, 2015
    7. ↑ Internal Revenue Service, "Topic 409 - Capital Gains and Losses," August 19, 2014
    8. ↑ Tax Foundation, "The High Burden of State and Federal Capital Gains Tax Rates," February 11, 2014
    9. ↑ Tax Policy Center, "Capital Gains and Dividends: How are capital gains taxed?" June 22, 2011
    10. ↑ The Tax Foundation, "State and local sales tax rates, 2017," accessed October 26, 2017
    11. ↑ Tax Policy Center, "Sales Tax Rates 2000-2017," accessed October 26, 2017
    12. ↑ Tax Policy Center, "Excise taxes," accessed October 20, 2014
    13. ↑ Investopedia, "Excise Tax," accessed October 20, 2014
    14. ↑ Tax Foundation, "Excise Taxes," accessed October 20, 2014
    15. ↑ Internal Revenue Service, "Excise Tax," accessed October 20, 2014
    16. ↑ Investopedia, "Corporate Tax," accessed September 24, 2014
    17. ↑ Tax Foundation, "State Corporate Income Tax Rates and Brackets for 2015," accessed October 7, 2015
    18. ↑ 18.0 18.1 18.2 Tax Policy Center, "Residential Property Taxes in the United States," November 18, 2013
    19. ↑ 19.0 19.1 Bankrate, "Property taxes explained," February 3, 2000
    20. ↑ Investopedia, "Property Tax," accessed September 26, 2014
    21. ↑ Tax Foundation, "Facts and Figures 2015: How Does Your State Compare?" accessed October 5, 2015
    22. ↑ About.com, "What's the Difference Between an Estate Tax and an Inheritance Tax?" accessed October 16, 2014
    23. ↑ Internal Revenue Service, "Estate Tax," updated September 29, 2014
    24. ↑ 24.0 24.1 Tax Foundation, "Facts and Figures, 2015," accessed October 6, 2015
    25. ↑ 25.0 25.1 U.S. Census Bureau, "2016 annual survey of state government tax collections by category," accessed June 26, 2017

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    What Is Colorado State Income Tax Rate

    Source: https://ballotpedia.org/Tax_policy_in_Colorado