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.
