Colo. tax revenue down but in line with forecast

By: Associated Press Email
By: Associated Press Email

Denver (AP) - State tax revenue is down about 11 percent so far for this budget year, a mix of good and bad news for the budget.

Figures released Thursday show income tax and sales tax collections dropped a combined 31.9 percent in April compared with last April.

The fiscal year runs from July through June. So far this fiscal year, total tax collections are down 10.8 percent from the previous year.

April's drop in revenue is in line with what legislative economists have been predicting. Their grim forecast prompted state lawmakers to make additional cuts in the state budget.

The good news is that if revenues continue to line up with their forecast, the budget can remain unchanged. If revenue falls more than predicted, additional cuts could have to be made.

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