The City of Colorado Springs has released their sales and tax revenue report for the month of May. The revenue was turned into the City last month and generally shows that the City has seen a steady increase in taxes paid in 2018 over last year.
The report also shows a surprising drop in the taxes collected for medical marijuana in May.
What are the taxes?
- The 2.0% General Fund sales and use tax revenue is used for City operations such as police, fire, street repairs, and park maintenance.
- The 0.62% Road Repair, Maintenance and Improvement Tax, known as the “2C Road Tax”, is dedicated to road improvement needs.
- The 0.4% Public Safety Sales Tax is used to fund public safety operating and capital improvement needs.
- The 0.1% TOPS tax is earmarked for the acquisition, development, and maintenance of trails, open space, and parks.
- The 2.0% Lodgers Tax and 1.0% Auto Rental Tax (LART) is used to attract visitors and to enhance the economy of the City and the Pikes Peak Region.
Sales and use tax combined – Is up 6.58% for the month and up 5.49% year-to-date.
Sales tax alone – Is up 6.26% for the month and up 5.27% year-to-date.
Use tax – up 14.13% for the month and up 9.36% year-to-date.
Lodger’s Tax – Is up 7.90% for the month and up 6.01% year-to-date.
Auto Rental Tax – Is actually down 3.52% for the month and down 6.21% year-to-date.
Auto Dealer tax dropped slightly from 2017 by 0.35%.
Department and Discount stores also saw a 0.20% drop from this time last year.
Medical Marijuana saw a drop of 6.64% from the same time last year.