Early tax collection data for the first quarter of the year indicates that tax collections have grown for the fifth straight quarter, according to a new study.
The Nelson A. Rockefeller School of Government at the University of Albany reported strong growth in overall state tax collections, as well as revenue from personal income taxes and sales taxes. However, tax revenue collections are still below their peak levels.
Early data from 47 states indicates that collections from the major tax sources increased about 9.1 percent in Q1 2011, compared to Q1 2010.
“Virtually every state reported growth in overall tax collections as well as in tax collections from two major sources: personal income tax and sales tax,” wrote Lucy Dadayan and Donald Boyd of the Rockefeller Institute. “States' personal income taxes represented a nearly $6.7 billion or 12.4 percent gain, and sales taxes a $2.9 billion or 5.6 percent gain for the period.”
Personal income tax revenues increased by 12.4 percent for the nation as a whole, compared to the same quarter of 2011, while corporate income tax increased by 6.9 percent and sales tax showed a 5.6 percent growth. The growth in personal income tax, as well as overall tax collections, is the strongest since mid-2006.
For more information, the preliminary state-by-state findings are available here.
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