Sales Tax update
February sales tax collections are based on retail sales made in January 2011.
This is the first month that the collections related to the 2B election, or Keep Fort Collins Great sales tax initiative, have been received. The amount received in February, for sales made in January, was $1.3M.
Due to the .85% tax increase, tax collections are no longer an accurate comparison for year-to-year activity. Instead, the monthly sales and use tax report will also include net taxable amounts, which are the amount of goods sold or purchased that are subject to sales or use tax.
Please visit http://www.fcgov.com/salestax to read the complete report.
Net Taxable Subject to Sales Tax: $158.3 million, a decrease of 2.4% from February 2010.
Net Taxable Subject to Use Tax: $19.1 million, a decrease of 24.2% from February 2010.
National Sales Tax: Increased 7.8%, compared to Fort Collins’ decrease of 2.4%.
Building permit collections: Decreased 61.4% in February.
Residential: 13 compared to 21 in February 2010. Residential remodels: 47 permits. In February 2010 there were 73 remodel permits.
Commercial: 2 permits for new construction, 21 for remodeling. In February 2010, 1 permit was pulled for new construction, 25 permits for remodeling.
Sales Tax Licenses: 64 applications for sales tax licenses for new businesses and 37 businesses terminated their licenses in February.