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Colorado Springs sales tax collections soared 11.82 percent in December from a year earlier, the largest year-over-year increase since August 2011 – and the second-largest jump in eight years.
The December collections, reported Tuesday by the city and totaling nearly $9.6 million, reflect purchases made in November, the beginning of the critical holiday shopping season.
Use tax collections in December were up 59.42 percent over the same month in 2011; use tax is collected on manufacturing equipment, building materials and other items bought outside the city for use in the city.
Sales and use tax collections fund more than half of the city's annual budget for police and fire protection, roads and other services. Sales tax is also a primary measurement of consumer spending, making it a key barometer of the vitality of the local economy.
The breakdown: Categories showing the largest percentage increases in December were building materials, up 29.66 percent over December 2011; auto dealers, up 17.21 percent; and furniture, appliances and electronics, up 15.47 percent. Utilities was the only category to show a decrease, down 2.06 percent.
Medical marijuana: Sales tax collections on medical marijuana businesses in December climbed 45.19 percent from a year earlier to $98,153.
Tourism tax: December's collections of the city's tax on hotel rooms and rental cars rose 2.71 percent from the year before. For the year to date, collections are down 1.51 percent from the same period in 2011. Last summer's Waldo Canyon fire dealt a significant blow to the tourism industry, with collections of the Lodger's and Auto Rental Tax down in August, September and October from a year earlier.
News Hawk- TruthSeekr420 420 MAGAZINE
Source: gazette.com
Author: Bill Radford
Contact: Contact The Gazette | gazette, contact, information - Contact Us - Colorado Springs Gazette, CO
Website: Springs sales tax collections surge in December | year, december, springs - Colorado Springs Gazette, CO
The December collections, reported Tuesday by the city and totaling nearly $9.6 million, reflect purchases made in November, the beginning of the critical holiday shopping season.
Use tax collections in December were up 59.42 percent over the same month in 2011; use tax is collected on manufacturing equipment, building materials and other items bought outside the city for use in the city.
Sales and use tax collections fund more than half of the city's annual budget for police and fire protection, roads and other services. Sales tax is also a primary measurement of consumer spending, making it a key barometer of the vitality of the local economy.
The breakdown: Categories showing the largest percentage increases in December were building materials, up 29.66 percent over December 2011; auto dealers, up 17.21 percent; and furniture, appliances and electronics, up 15.47 percent. Utilities was the only category to show a decrease, down 2.06 percent.
Medical marijuana: Sales tax collections on medical marijuana businesses in December climbed 45.19 percent from a year earlier to $98,153.
Tourism tax: December's collections of the city's tax on hotel rooms and rental cars rose 2.71 percent from the year before. For the year to date, collections are down 1.51 percent from the same period in 2011. Last summer's Waldo Canyon fire dealt a significant blow to the tourism industry, with collections of the Lodger's and Auto Rental Tax down in August, September and October from a year earlier.
News Hawk- TruthSeekr420 420 MAGAZINE
Source: gazette.com
Author: Bill Radford
Contact: Contact The Gazette | gazette, contact, information - Contact Us - Colorado Springs Gazette, CO
Website: Springs sales tax collections surge in December | year, december, springs - Colorado Springs Gazette, CO
