States, local governments set tax collection record high

By   /   June 29, 2011  /   News  /   No Comments

State and local governments collected a record high of $322 billion in taxes the first quarter of this year, and tied the 2009 record high for previous 12 months tax collections set in the first quarter of 2009.

According to latest U.S. Census Bureau data, first quarter tax revenue increased 4.9 percent, $15 billion over 2010. It was $10 billion, 5.2 percent, more than the highest previous first quarter on record, $312 billion in 2008.
The 12-month collections ending Q1 at $1.3 trillion were 4 percent, $5 billion, higher than the same period in 2010.
Quarterly tax revenues were $15 billion more than pre-recession Q1 2007, and $50 billion higher than 12 months ending Q1 2007.
In a decade, first quarter tax take increased more than $100 billion, 45 percent. Since 2002, cumulative collections for previous 12 months ending Q1 increased $617 billion, 89 percent.
The only year that state and local governments showed actual first quarter tax revenue declines was in 2009, -1.9 percent. That still equaled the take in 2007.
For 12 months ending Q1, the only decline in recent history was -3.8 percent in 2010, but total take still equaled the same period in 2009.
By category the biggest increases were in individual income and general sales/gross receipts taxes.