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Taxes

state income tax

Most states levy an income tax on their residents that is in addition to the federal income tax. Laws vary from state to state but in most states the state income tax is a tax on the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities.

There are nine states that do not have a state income tax—including Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. But New Hampshire levies a tax on capital gains and Washington state recently enacted a tax on extraordinary profits from the sale of financial assets over $250,000.

In Colorado, residents are subject to state income tax in addition to the federal income tax. The state income tax in Colorado is levied on the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities. Colorado utilizes a flat tax system, meaning that the state income tax rate is the same for all taxpayers, regardless of income level. As of the knowledge cutoff in 2023, the Colorado state income tax rate for individuals is 4.55%. It's important to note that while some states do not have a state income tax, Colorado is not one of them and residents must comply with state tax regulations and filing requirements.

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Taxes

state income tax

Individual & Family Legal Plan

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Colorado State Code

Colorado State Code

Taxes

state income tax

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