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Colorado tax receipts continue to increase

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News,Business

DENVER (AP) — Colorado is projected to collect higher-than-expected tax revenue for the fiscal year that ends this month, and state economists are also estimating a slight increase in tax receipts next year.

The continued increases in tax revenue during the past couple of years means state officials may soon be faced with constitutionality required refunds to people under Colorado's Taxpayer Bill of Rights.

Economists from the governor's office gave lawmakers their quarterly revenue forecast Friday. They say the state will finish the fiscal year with $96.4 million more in tax revenue than was estimated in March. For the next fiscal year, which begins July 1, the state is expected to collect $127.6 million more than was projected in March.

The current fiscal year tax revenue total was expected to be about $9 billion.

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