Colorado collected 17 percent more tax revenue last year than it did in 2008, right before the start of the Great Recession, according to a new analysis by the Pew Charitable Trusts.
Only three other states have seen their tax receipts grow faster than Colorado’s over the past seven years – Illinois, Minnesota, and North Dakota. Tax collections for all 50 states have only grown 3 and a half percent from their pre-recession peak.
Colorado’s strong tax collections will have a limited impact on the state budget in coming years because the Taxpayer’s Bill of Rights caps how much money the state can actually hold onto. The rest must be returned to the public.