State Revenue Report – Tax Revenue Keeps Rising, But Growth Again Ticks Downward

Tax Revenue Keeps Rising, But Growth Again Ticks Downward – Thirty-Six States Were Still Below Peak Collection Levels in FY 2011

  • Overall State Taxes and Local Taxes: “Total state tax collections as well as collections from two major sources — taxes on sales and personal income — showed growth for the seventh consecutive quarter in July-September 2011. Overall state tax revenues increased by 6.1 percent from the same quarter of the previous year, according to data collected by the Rockefeller Institute and the Census Bureau. The Institute’s findings indicate slightly stronger fiscal conditions for states than the preliminary data released in late December 2011 by the Census Bureau, which reported an overall increase of 5.6 percent. We have updated those figures to reflect data we have since obtained and to reflect differences in how we measure revenue for purposes of the State Revenue Report…declines in personal income tax and sales tax collections as well as in overall state tax collections were steeper in and after the Great Recession that began in December 2007 than around previous recessions. Overall tax collections as well as personal income and sales tax revenues showed softening growth in the third quarter of 2011. Personal income tax collections showed growth of 10.1 percent and sales tax collections rose by 3.8 percent.”
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