Tax revenue for state and local governments fell 6.7 percent in the third quarter, according to the U.S. Census Bureau, marking the fourth consecutive quarter of negative growth.
Tax revenue for the quarter totaled $266.5 billion, compared with $285.6 billion reported for the third quarter of 2008. Of the four largest tax categories, only property tax increased. General sales tax, individual income tax and corporate income tax all continued to decline in the third quarter of 2009.
Total property tax revenue increased 3.5 percent in the third quarter of 2009 to $80.0 billion from $76.9 billion in the third quarter of 2008. Individual income tax growth was negative over the past four quarters, dropping by 11.7 percent from the same quarter the prior year. Q3 2009 revenue was $58.2 billion, down from $65.9 billion in Q3 2008.
General sales tax growth was down 9.0 percent, leading to the fourth consecutive quarter of negative sales tax growth. General sales tax revenue fell $6.9 billion from $76.6 billion in Q3 2008 to $69.7 billion in Q3 2009.
Corporate income tax growth was negative once again, down 18.0 percent. Q3 2009 revenue was $9.5 billion, down from $11.6 billion in Q3 2008.
