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Taxation
More Tax Information:
"Over the past 14 years, Colorado’s tax burden has fallen from being relatively close
to the national average in 1990 to currently standing substantially below the national average. Over
this period of time, individual incomes of taxpayers have risen faster than state/local tax collections
thanks largely to the unique Taxpayer’s Bill of Rights amendment in the state’s constitution.
Estimated in 2004 at 9.1% of income, Colorado’s state/local tax burden percentage ranks 40th
nationally, well below the national average of 10.0%." - The Tax Foundation • Sales/Use Tax • Corporate Income Tax • Personal Income Tax • Property Tax • Unemployment Compensation Rate • Worker's Compensation Insurance Taxes that the State of Colorado does not impose: • No unitary tax • No occupational head tax in Jefferson County or at the state level • No waters edge or inventory tax in Colorado Colorado has a pro-business tax climate that is equitable to businesses as well as individuals. Income, property, and sales and use taxes are the three main sources of tax revenue for state and local governments in Colorado. In May of 2003, the Tax Foundation published its State Business Tax Climate Index, which ranked Colorado as having the 4th smallest business tax burden in the nation. The report based its rankings on five major elements of the tax system: the percentage of income taken by all taxes, the individual income tax rates, the corporate income taxes, the sales tax rate, and the complexity of the tax system. Tax and Spending Limitation (TABOR Amendment)  The Taxpayer’s Bill of Rights (TABOR), an amendment to the State Constitution, was
passed in 1992. TABOR requires that all tax increases be approved by a vote of the people. Under
TABOR, the maximum annual percentage change in state fiscal year spending equals inflation plus
the percentage change in state population in the prior calendar year, adjusted for revenue changes
approved by voters. Local district fiscal year spending is limited to inflation in the prior calendar year plus annual “local growth.” Local growth for non-school district is defined as the net percentage change in actual value of all taxable real property in a district. For a school district, it means the percentage change in its student enrollment. Important Business Tax Links Colorado Department of Revenue Colorado Tax Forms Colorado Business Resource Guide For Your Information Tax Publications |
