Good News for State & Local Government Tax Revenues
The U.S. Census Bureau Quarterly Summary of State & Local Tax Revenues reveals a 4.7 percent overall increase in first quarter 2011 tax revenues for state and local governments compared to a year ago, the sixth consecutive quarter showing year-over-year growth.
State severance tax revenues rose 21.0 percent between first quarter 2010 and first quarter 2011, according to the latest figures released by the U.S. Census Bureau. Severance taxes are collected on the extraction of natural resources – oil, gas, coal, minerals and forestry products. Documentary and stock transfer tax revenue rose 13.5 percent over the year, while individual income tax revenue increased 12.8 percent.
Total state and local property tax revenue was the one category that posted a year-over-year decline, with collections falling 1.7 percent.
For more details, including historical data and downloadable tables, visit the Quarterly Summary of State & Local Tax Revenues website.