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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
Del. Net Receipts Through March Up $278M From Last Year
By Michael Nunes
Delaware's net receipts from July through March outpaced the same period last year by $278 million, according to the state Department of Finance.
Wis. Revenues Through March Outpace Last Year By $571M
By Michael Nunes
Wisconsin's general fund revenue from July through March outpaced the same period last year by $571 million, according to the state Department of Revenue.
Ariz. Revenue Through March Down $61M From Forecasts
By Michael Nunes
Arizona's general fund revenue collection from July through March underperformed estimates by $61 million, according to the state Department of Revenue.
NJ General Revenue Collection Through March Up $1.2B
By Michael Nunes
New Jersey's total major revenue collection from July through March beat the same period last year by $1.2 billion, according to the state Department of the Treasury.
RI Revenues Through March Beat Estimates By $44M
By Michael Nunes
Rhode Island's general fund revenue collection from July through March exceeded forecasts by $44 million, according to the state Department of Revenue.
Vt. General Revenues Through March Down $107M
By Michael Nunes
Vermont's general fund revenue from July through March underperformed the same period last year by $107 million, according to the state Agency of Administration.
Neb. Net Receipts Through March Up $443M
By Michael Nunes
Nebraska's net receipts from July through March outpaced last year for the same period by $443 million, according to the state Department of Revenue.
Utah's General Fund Revenue Up $606M Through March
By Michael Nunes
Utah's general fund revenue from July through March outpaced the same period last year by $606 million, according to the state tax commission.
NY Tax Collections Grow $10B From Prior Year
By Michael Nunes
New York state collected $10 billion more in tax in the fiscal year that ended last month than in the prior year, according to the state's tax department.
Ill. Revenue Beats Budget Forecast By $149M
By Michael Nunes
Illinois' general revenue collection from July through March outpaced estimates by $149 million, according to the Governor's Office of Management and Budget.
Okla. Total General Revenues Up $315M From Estimate
By Michael Nunes
Oklahoma's general fund revenue from July through March beat estimates by $315 million, according to the state Office of Management and Enterprise Services.
Va. Revenue Through March Rises $1.6B From Last Year
By Michael Nunes
Virginia's general fund revenue from July through March surpassed the total from the same period last fiscal year by $1.6 billion, according to the state's finance secretary.
Ohio Revenue Through March Beat Estimate By $722M
By Michael Nunes
Ohio's general fund revenue collection from July through March outpaced forecasts by $722 million, according to the state Office of Budget Management.
Calif. Revenues Through March Up $7.6B From Forecast
By Michael Nunes
California's general fund revenue from July through March outpaced estimates by $7.6 billion, according to a report released by the state comptroller.
La. March Revenues Up $9M From Last Year
By Michael Nunes
Louisiana's net revenue collection in March was $9 million higher than last year, according to the state Department of Revenue.
Ala. Net Tax Collection Through March Up $133M
By Michael Nunes
Alabama's net tax revenue collection from October through March outpaced the total from the same period last fiscal year by $133 million, according to the state Department of Revenue.
NH Total Receipts Through March Up $129M From Estimates
By Michael Nunes
New Hampshire's general fund revenue collection from July through March exceeded estimates by $129 million.
Iowa Revenue Through March Falls $791M From Last Year
By Michael Nunes
Iowa's general fund revenue from July through March dropped $791 million from last year, according to the state Department of Management.
Ark. Revenues Through March Beat Forecasts By $62M
By Michael Nunes
Arkansas' general fund revenue collection from July through March was $62 million better than expected, according to the state Department of Finance and Administration.
Mass. Revenue Through March Beat Estimate By $653M
By Michael Nunes
Massachusetts' general fund revenue collection from July through March outpaced estimates by $653 million, according to a report by the state Department of Revenue.