The Colorado Corporate Income Tax Rate is 5% of federal taxable income, there is no local income tax.
- Income Tax Rate: 5%
- Sales Tax: 2.9%
- Local Sales Tax: 2-4.1%
Sales & Use Tax
The State of Colorado collects 2.9% sales or use tax on goods purchased by businesses that are not intended for resale. Local municipalities may collect up to an additional 4.1% sales tax. The local sales tax in Wiggins is 2% and the rate is 3% in Brush, Fort Morgan and Log Lane Village.
Use tax substitutes for sales tax in cases where an item for consumption in Colorado is purchased outside Colorado for other circumstances where a sales tax was not paid. Sales or use taxes on manufacturing equipment of machine tools are not collected after the first $500 of such purchases during the calendar year.
Items used in agricultural operations are also exempt from the state sales and use tax. Examples of tax-exempt purchases are farm and livestock equipment such as tractors and feed trucks and structures such as barns and corrals.
Commercial and industrial property is assessed for property tax purposes at 29% of market value. The average mill levy in Morgan County in 2001 was 80 mills. This includes municipal and county property taxes, school district taxes, and various special districts such as fire protection and water.
Inventory Taxes are not assessed in Colorado.
The Colorado Personal Income Tax Rate is also 5% of federal taxable income. There is no local income tax.
The 20051 Residential Assessment Rate was 7.96% of actual value. Colorado charges a 2.9% sales tax on all nonfood retail sales. Cities, counties, and special districts are permitted to add up to 4.1% additional local sales tax by public referendum. The total sales tax in Brush, Fort Morgan and Log Lane Village is 6%; the total in Wiggins is 5% and in Hillrose is 3%.