Colorado's state tax revenues were down 23.6% in the second quarter of 2009. Only six states had larger declines. The national average drop was 16.3%, and only two states had drops of more 27.3%, New Mexico (30.8%) and Alaska (86.5%).
The result is surprising because Colorado is not currently one of the states that is hardest hit economically by the financial crisis.
I suspect that part of the issue is that tax receipts may be a lagging indicator of economic hard times, which are impacting Colorado now because it hit its economic bottom earlier than many other states. Heavy reliance on sales taxes relative to income taxes, and the absence of a state property tax, may also be hurting Colorado's state tax collections.