Sales and use tax collections increase in February | News


Increased tourism activity earlier this year boosted the city’s Combined Automobile Rental and Renter Tax and Combined Sales and Use Tax revenue.

Sales and use taxes increased by 11.81% in February compared to the same month of 2021. LART tax revenues increased by 34.97%.

The city collected $16,570,511 in revenue from the 2% combined sales and use tax, which is used for city operations such as police, fire, street repairs and maintenance parks. Most of the amount collected represents business activity that took place in January, but also includes outstanding returns.

The industries with the largest percentage increase in sales tax collections in February, compared to February 2021, were business services (105.93%), utilities (68.14%) and hotels and motels (59.88%).

However, sales tax growth in several sectors only increased by single digits in February. Sales tax collections at car dealerships increased by 1.1%, while sales taxes at department and discount stores increased by 5.95%.

Medical marijuana sales tax revenue is down 40.9% from collections in February 2021.

Collections of the combined 2% tax on renters and 1% on car rentals totaled $414,748 in February. Renter tax revenue increased by 34.11% and car rental tax revenue increased by 42.82%.

2C2 road tax collections to date generated net revenue of $4,722,683 for the filing period that ended January 31, an increase of 11.62% over the first month of 2021.

The 2C2 is a continuation of the 2C road tax to fund road improvements. Voters approved extending the program in 2019 at a rate of 0.57%. The 2C road tax, approved in 2015, was collected from 2016 to 2020 at a rate of 0.62%.

Collections of the 0.1% tax on trails, open spaces and parks generated revenue of $828,525, an increase of 11.81% for the filing period which ended on January 31 , compared to the same period of 2021.

View the full report at coloradosprings.gov.

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