While the strength of the overall economy remains somewhat in a state of uncertainty, U.S. states in 2011 managed to increase their tax collections, suggesting some signs of stabilization within local economies, according to government data.
Tax collections for all U.S. states increased by $62.1 billion to $763.7 billion in fiscal year 2011, according to a new report from the U.S. Census Bureau.
Overall, corporate net income tax revenue grew 9.4% from the previous year to $40.2 billion while tax revenue on individual income hit $259.1 billion, up 9.8%.
General sales tax revenue also grew 8.2% to $240.9 billion.
“The nationwide increases in state government tax revenue are an indication of the stabilization of revenues for state governments,” said Lisa Blumerman, chief of the governments division. “These data help us understand the condition of our state governments and their fiscal ability to continue to provide public services.”
All 50 states reported an increase in total tax revenue with North Dakota leading the way with a 44.5% increase in tax in-take, followed by Alaska (22.4%), California (17.4%), and Illinois (15.3%).
kpanchuk@housingwire.com
