Tax Revenue Up for State and Local Governments

First positive numbers in five quarters

More On Tax Planning

from The Advisor's Professional Library
  • Selected Provisions of the American Taxpayer Relief Act of 2012 The experts of Tax Facts have produced this comprehensive analysis of selected provisions of the American Taxpayer Relief Act of 2012 (the Act) to provide the most up-to-date information to our subscribers. This supplement analyzes important changes to the tax code with emphasis on how these developments impact Tax Facts’ major areas of focus: Employee Benefits, Insurance, and Investments.
  • Taxation of Real Estate Real estate may be used to shelter income and may offer certain tax benefits. However, the type of real estate investment may result in different tax treatment. Learn how to use these investments to help your clients.

As states and municipalities around the country are struggling to make their budgets work without laying off workers or drastically reducing services, there's some encouraging news on the revenue front. According to new data from the U.S. Census Bureau, tax revenue for state and local governments was up in the fourth quarter of 2009, the first sign of positive growth in five quarters.

Total tax revenue for the quarter was $360.1 billion, up 0.76% from the same quarter a year earlier. Revenue from property taxes (+5.8%) and corporate income taxes (+3.4%) rose while general sales (-2.8%) and individual income tax (-4.7%) continued to decline, although to a lesser degree than in the previous four quarters.

On an individual state basis the results varied from the national averages. See the full breakdown here.

Reprints Discuss this story