State tax revenues continue to fall

DENVER – Colorado’s June tax revenues dropped 24.5 percent from the same month in 2008, according to figures released by the Department of Revenue July 15.

While those revenues were slightly better than expected – 1.9 percent higher than forecast by the Office of State Planning and Budgeting – that still leaves the state with a $384 million budget shortfall for the year ending June 30.

Year-over-year sales tax revenues fell 13.4 percent between June 2008 and June 2009, while individual income tax revenues fell 26.7 percent. Corporate income taxes dropped 32 percent.

Revenues for the 12 months ended in June were $6.95…