State and Local Tax Revenues Grow
The U.S. Census Bureau reported this morning that state and local tax revenues for the third quarter were up 5.2% over the third quarter a year ago, marking the fourth consecutive quarter of positive growth. For the twelve months ending September 2010, total state and local tax revenue was $1.278 trillion, still under the September 2008 peak of $1.307 trillion. (See Table 1.)
Table 1: Total State and Local Tax Revenue (in $ millions)
|
Twelve month period ending |
State & Local Tax Revenue |
Year-over-Year Growth |
|
September 2010 |
$1,278,397 |
1.77% |
|
September 2009 |
$1,256,121 |
(3.93%) |
|
September 2008 |
$1,307,489 |
4.09% |
|
September 2007 |
$1,256,083 |
5.57% |
|
September 2006 |
$1,189,853 |
7.66% |
|
September 2005 |
$1,105,199 |
7.19% |
|
September 2004 |
$998,198 |
7.78% |
|
September 2003 |
$926,161 |
3.67% |
|
September 2002 |
$893,395 |
0.21% |
|
September 2001 |
$891,557 |
3.45% |
Property tax collections grew 7.8% from 2009 to 2010; individual income tax, 4.8%; sales tax, 4.0%; gasoline tax, 8.2%; cigarette tax, 8.3%; and alcohol tax, 1.9%. Corporate income tax collections fell by 3.3% over 2009.
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