Colorado state income tax rates and calculator
Colorado has a flat income tax. That means you pay the same tax rate regardless of how much you make. Some local governments also levy an income tax.
Colorado personal income tax rates for 2024
Colorado’s flat income tax rate is 4.25 percent for the 2024 tax year, for income reported on tax returns filed in 2025.
Income tax returns are due on April 15 in Colorado, unless that date falls on a weekend or holiday, in which case it would be the following business day.
Who has to file Colorado state taxes?
You must file a Colorado tax return if you lived in the state for any portion of the year and earned income. You might also have to file taxes if you didn’t live in Colorado but worked for a company based there. You can consult the Colorado Department of Revenue for information on filing rules.
Is there a personal exemption or standard deduction in Colorado?
Colorado’s income tax is based largely on federal taxable income, and the standard deduction amount is the same as the federal standard deduction: $14,600 for single taxpayers and married filing separately, $21,900 for heads of household and and $29,200 for married filing jointly. The state does not offer personal exemptions.
Colorado offers many tax credits, from the earned income credit to a discount for paying taxes in another state. The Colorado Department of Revenue offers all the information you need to see if you qualify for one of their credits. While there, you can also file your state income taxes and pay any amounts you owe.
Colorado sales tax rate
Colorado’s sales tax is 2.9 percent, one of the lowest in the U.S. Some items are exempt from sales tax, such as subscriptions for cable or satellite television and satellite radio, and most services.
Some cities, counties and districts charge an additional local sales tax. Those rates vary, but the average state and local sales tax combined in Colorado is 7.81 percent, according to the Tax Foundation.
Other things to know about Colorado state taxes
- Property taxes are collected at the local level. The average property tax rate in Colorado is 0.45 percent, according to the Tax Foundation.
- There is no estate tax or inheritance tax in the state.
- The corporate tax rate is 4.25 percent (same as the individual income tax).
- The gasoline tax is 22 cents per gallon, with a road usage fee of 4 cents per gallon, which will go up to 5 cents per gallon on July 1, 2025.
- The cigarette tax is $2.24 per pack.
- Marijuana is legal for both recreational and medicinal purposes in Colorado. The marijuana tax is 15 percent.