State Tax Collections Continue Rebound
State tax collections continued to improve in the second quarter of this year, with revenues increasing more than 9 percent compared to the same period in 2012, the Census Bureau reported Tuesday.
The Census data show states’ income and sales tax revenue have been increasing every quarter since the start of 2010, after the Great Recession caused collections to fall. The latest numbers show a broad base of revenue growth for states, with growth in all of the biggest tax categories reported. The Census data come from a quarterly survey of state and local governments.
Income tax revenues increased by more than 19 percent, a large portion of which is attributed to California’s income tax increase, the Census said. Sales tax collections were up nearly 5 percent and corporate income tax revenue improved nearly 11 percent compared to the second quarter of 2012. State and local tax revenues combined increased 7.2 percent, the Census said.
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