State, local tax revenues growing again
Tax revenues grew in the first quarter of 2010, marking the second straight quarter of growth, according to the U.S. Census Bureau's "Quarterly Summary of State and Local Government Tax Revenue."
Tax revenue for the quarter totaled $299.1 billion compared with $296.7 billion reported for in the first quarter of 2009.
State tax revenues were expected to surpass estimates around the U.S., as mentioned in the 2nd half 2010 Keating Report forecast on government budgets and spending, and now there is some solid evidence.
Individual income tax and general sales tax revenues increased, while corporate income tax and property tax revenue declined. The decline in property tax revenue is the first drop since 2003.
Read the entire story from Government Product News, our sister publication.
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