Monthly tax receipts collected in Colorado from March 2020 to February 2021 have exceeded total tax revenues collected in the previous year, according to a new analysis by Pew Charitable Trusts and the Urban Institute.

The analysis showed that for the first time, tax revenue collected by the majority of the 50 states exceeded that of the prior 12 months, showing that revenue growth in most states has erased the losses that occurred during the pandemic. In the case of Colorado, tax revenues increased 8 percent over that time period.

Nationwide, total state tax receipts were up 0.01 percent in the March 2020-to-February 2021 period, compared to the previous year, the study found. The conclusion is based on preliminary data from 49 states, since no data was available for Wyoming.

In 29 states, revenues had increased quickly enough to offset the pandemic losses, the study found. Idaho posted the highest tax revenue gains, at 11 percent, according to Pew Charitable Trusts.

The revenue recovery occurred much more quickly than in previous recessions, the researchers reported. The pandemic’s effect on tax revenues was less than projected initially, the study said.

Pandemic Tax Revenue Recovery

Source: Pew Charitable Trusts, Urban Institute