Facts & Figures 2024: How Does Your State Compare?
Facts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
2 min readHow does Colorado’s tax code compare? Colorado has a flat 4.40 percent individual income tax rate. There are also jurisdictions that collect local income taxes. Colorado has a 4.40 percent corporate income tax rate. Colorado also has a 2.90 percent state sales tax rate and an average combined state and local sales tax rate of 7.81 percent. Colorado has a 0.45 percent effective property tax rate on owner-occupied housing value.
Colorado does not have an estate tax or inheritance tax. Colorado has a 29 cents per gallon gas tax rate and a $1.94 cigarette excise tax rate. The State of Colorado collects $6,387 in state and local tax collections per capita. Colorado has $11,972 in state and local debt per capita and has a 71 percent funded ratio of public pension plans. Overall, Colorado’s tax system ranks 27th on our 2024 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and Colorado is no exception. The first step towards understanding Colorado’s tax code is knowing the basics. How does Colorado collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures 2024: How Does Your State Compare?
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SubscribeFacts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
2 min readIn recognition of the fact that there are better and worse ways to raise revenue, our Index focuses on how state tax revenue is raised, not how much. The rankings, therefore, reflect how well states structure their tax systems.
111 min readTax burdens rose across the country as pandemic-era economic changes caused taxable income, activities, and property values to rise faster than net national product. Tax burdens in 2020, 2021, and 2022 are all higher than in any other year since 1978.
24 min readIndividual income taxes are a major source of state government revenue, accounting for more than a third of state tax collections. How do income taxes compare in your state?
8 min readGraduated corporate rates are inequitable—that is, the size of a corporation bears no necessary relation to the income levels of the owners.
7 min readRetail sales taxes are an essential part of most states’ revenue toolkits, responsible for 32 percent of state tax collections and 13 percent of local tax collections (24 percent of combined collections).
9 min read