US Reports a Bumper Quarter

September 2, 2011 Taxation in USA

US Reports a Bumper QuarterState tax authorities across the USA are cheering as the country recorded increases to state tax revenue collections in the latest quarter.

Preliminary data for US state tax collections for the April – June quarter of 2011 shows that overall tax revenues have increased again, for the 6th quarter in a row. The new information was released in the latest Data Alert by the Nelson A. Rockefeller Institute.

Information collected from tax authorities in 46 US states indicates that tax collections for the 2nd quarter of 2011 were up by 11.4 percent, compared to the same period in the previous year. The growth is the highest on record since the second quarter of 2005.

According to information contained in the report, personal income tax collections for the period grew by 16.5 percent, compared to the same quarter in 2010. Corporate tax collections also increased by 16.5 percent, and sales taxes collected by state tax authorities were also up by 5.9 percent.

Across the states, North Dakota reported the largest rise in personal tax collections, with a 83.8 percent increase in the second quarter, compared to the same period in the last year. Louisiana showed the most significant corporate income tax collections increase, at 278.6 percent. Sales tax collections in Arizona grew more than in any other state, with a recorded increase of 35.5 percent. Overall, Alaska had the largest cumulative tax collections increase, with a second quarter rise of 99 percent. Only the state of New Hampshire reported a decrease in overall tax collections, with a drop of 10 percent.

Photo by theloushe