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Tax Authority State & Local Tax Revenue Report
As the increased federal funding from the 2021 American Rescue Plan Act
runs out, states that responded to healthy coffers by reducing income
tax rates may find themselves struggling to raise revenue sufficient to
support spending. Meanwhile, states that used the federal funds to build
up their rainy-day accounts may have a fiscal cushion for any
difficult times ahead.
Whether the coffers are low or state treasuries are feeling flush, all
are carefully monitoring their inflow of tax revenue. Here, Law360 Tax
Authority provides up-to-date coverage on states' tax revenue.
NEWS & ANALYSIS
By Michael Nunes
Michigan general revenue collection from October 2023 through September totaled $283 million less than the state's revenue for the previous fiscal year, according to the state Budget Office.
By Michael Nunes
Vermont's total general fund revenue from July through September beat last year's total for that period by $53 million, according to a report by the state Agency of Administration.
By Michael Nunes
Maine's general revenue collection through the first three months of its fiscal year outpaced an estimate by $132 million, according to a report by the state Department of Administrative Financial Services.
By Michael Nunes
Utah general revenue collection through fiscal 2024 fell $31 million from fiscal year 2023, according to the Utah State Tax Commission.
By Michael Nunes
Rhode Island general revenue collection from July through September outpaced forecasts by $76 million, according to the state Department of Revenue.
By Michael Nunes
North Dakota general revenue collection surpassed a forecast by $369 million through the first 15 months of the state's biennium, according to the state Legislative Council.
By Michael Nunes
Tennessee's revenue collection in August and September totaled $103 million more than a state estimate for that period, the state Department of Finance and Administration reported.
By Michael Nunes
Massachusetts' revenue collection from July through Oct. 15 brought in $488 million more than the same period last year, according to a report by the state Department of Revenue.
By Michael Nunes
Virginia's general revenue collection from July through September was $656 million higher compared with the same period last fiscal year, according to the state secretary of finance.
By Michael Nunes
Nebraska's total net receipts from July through September sank $121 million compared with the same period in the last fiscal year, according to the state Department of Revenue.
By Michael Nunes
Arizona's total general fund revenue from July through September outpaced forecasts by $108 million, according to the state's Joint Legislative Budget Committee.
By Michael Nunes
New Jersey general revenue from July through September beat last year's collection by 4.3%, according to the state Department of the Treasury.
By Michael Nunes
Illinois' general fund revenue collection from July through September came in below forecasts by $12 million, according to a report by the Governor's Office of Management and Budget.
By Michael Nunes
Idaho's general fund revenue from July through September beat an estimate by $66 million, the state Division of Financial Management said.
By Michael Nunes
Connecticut's net revenue collection from July through September was $123 million higher than it was during the same period last year, according to the state Department of Revenue Services.
By Michael Nunes
New York's net tax collection from July through September outpaced last year during the same period by $3.1 billion, according to a report by the state Department of Taxation and Finance.
By Michael Nunes
Kentucky general fund revenue from July through September totaled $50 million more than it did during the same period last year, according to the Office of State Budget Director.
By Michael Nunes
North Carolina's total revenue for July and August was $101 million higher than during the same period last fiscal year, according to the Office of State Controller.
By Michael Nunes
Wisconsin's general purpose revenue from July through September totaled $171 million more than last year's collection for the same period, according to the state Department of Revenue.
By Michael Nunes
Ohio's general revenue collection from July through September beat estimates by $309 million, according to a report by the state Office of Budget and Management.