State and Local Tax Revenues Grow

December 29, 2010

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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