Colorado Updates Fiscal 2020 Revenue Forecast
SUMMARY BY TAX ANALYSTS
The Colorado Governor's Office of State Planning and Budgeting released its May 2020 forecast, estimating that general fund revenue will fall 7.4 percent in fiscal 2020 and another 7.5 percent in fiscal 2021; the forecast was revised down from March estimates by a total of $3.4 billion through June 30, 2021, and by $5.5 billion through June 30, 2022, partly because of COVID-19 and changes under the federal Coronavirus Aid, Relief, and Economic Security Act that will reduce the state's collections of income taxes from businesses over the forecast period.