State Taxes
The Colorado income tax rate is a flat 4.63 percent of federal taxable income regardless of income level. Colorado's state sales tax is 2.9 percent on retail sales. Full-year Colorado residents can claim an excess sales tax refund on their individual state income tax return. Many counties and cities charge their own rates in addition to the base state rate. There are also certain county and special district taxes that may apply. The most common special district taxes are:
- Regional Transportation District (RTD), which affects the counties of Denver, Boulder, Jefferson and portions of Adams, Arapahoe, Broomfield and Douglas
- Cultural Facilities District (CD)
- Football Stadium District (FD or FTBL), approved by the voters to pay for and help build the Denver Broncos’ stadium
- Local Improvement District (LID) within designated areas of southeast Jefferson and Boulder counties
- Regional Transportation District (RTA) taxes at varying rates in Basalt, Carbondale, Glenwood Springs, Gunnison County
Real estate and personal business property are taxable in Colorado. The state's senior property tax exemption was temporarily suspended by the Colorado Legislature in 2003. The tax break is scheduled to return for assessment year 2006, payable in 2007.
Read more about this topic: Economy Of Colorado
Famous quotes containing the words state and/or taxes:
“The fantastical idea of virtue and the public good being a sufficient security to the state against the commission of crimes, which you say you have heard insisted on by some, I assure you was never mine.”
—Thomas Jefferson (1743–1826)
“The prairies were dust. Day after day, summer after summer, the scorching winds blew the dust and the sun was brassy in a yellow sky. Crop after crop failed. Again and again the barren land must be mortgaged for taxes and food and next year’s seed. The agony of hope ended when there was not harvest and no more credit, no money to pay interest and taxes; the banker took the land. Then the bank failed.”
—Rose Wilder Lane (1886–1968)