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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
Ill. Revenues Beat Budget Forecasts By $192M
By Michael Nunes
Illinois general revenue collection from July through March outpaced forecasts by $192 million, according to a report by the Governor's Office of Management and Budget.
Okla. Total General Revenues Up $82M From Estimate
By Michael Nunes
Oklahoma's general revenue collection from July through March outpaced forecasts by $82 million, according to a report by the state Office of Management and Enterprise Services.
Miss. Revenue Collection Through March Sinks $18M
By Michael Nunes
Mississippi's general revenue collection from July through March dropped $18 million from the total for the same period last fiscal year, the state Department of Revenue reported.
Neb. Revenue Falls $12.7M Short Of Estimate
By Michael Nunes
Nebraska's general fund revenue collection from July through March totaled $12.7 million less than an estimate for the period, according to a report by the state Department of Revenue.
NY Tax Collections In Fiscal Year Up $11B Over Previous
By Michael Nunes
New York's tax collections from April through March beat last year's revenue by roughly $11 billion, the state Department of Taxation and Finance reported.
NJ General Revenue Collection Through March Up $1.6B
By Michael Nunes
New Jersey's revenue collection from July through March outpaced collections last year by $1.6 billion, the state's Department of the Treasury reported.
NC Tax Revenue Collection Through March Up $476M
By Michael Nunes
North Carolina's general revenue collection from July through March outpaced last year's total for the same period by $476 million, according to a report the Office of the State Controller released Monday.
Ohio Revenues Through March Beat Estimates By $297M
By Michael Nunes
Ohio's general revenue collection from July through March outpaced forecasts by $297 million, according to a report by the Office of Budget and Management.
Indiana General Revenues Through March Up By $153M
By Michael Nunes
Indiana's total general revenue collection from July through March outpaced last year's collection for the same period by $153 million, according to a report by the State Budget Agency.
Minn. Revenues Through March $244M Ahead Of Forecasts
By Michael Nunes
Minnesota's general revenue collection from June through March outpaced forecasts by roughly $244 million, according to a report by the state's Office of Management and Budget.
Calif. Revenues Through March $4.5B Over Estimates
By Michael Nunes
California's general revenue collection from July through March outpaced estimates by $4.5 billion, according to a report by the State Controller's Office.
Ga. General Fund Receipts Through March Up $543M
By Michael Nunes
Georgia's general fund collection from July through March beat last year's earnings by $543 million, according to a report from the state governor's office.
SD General Fund Revenues Beat Forecasts By $5M
By Michael Nunes
South Dakota's general fund revenue collection from July through March beat forecasts by $5.3 million, according to the state Bureau of Finance and Management.
Mo. Revenue Through March Down $134M
By Michael Nunes
Missouri general fund revenue from July through March lagged behind last fiscal year's total for that period by $134 million, according to a report by the state Office of Administration.
Kan. Revenue Beats Estimate By $206M Through March
By Michael Nunes
Kansas' net general revenue from July through March outpaced an estimate by $206 million, according to a report by the state Division of the Budget.
NH Revenues Through March Lag $7M Behind Forecast
By Michael Nunes
New Hampshire's general fund revenue collection from July through March underperformed an estimate by roughly $7 million, according to a report by the state Department of Administrative Services.
Texas Revenue Collection Through March Up From Last Year
By Michael Nunes
Texas' total revenue collection from September through March outperformed last year by roughly 3.7%, according to a report by the state Comptroller's Office.
Mass. Tax Revenue Through March Up $786M From Estimate
By Michael Nunes
Massachusetts tax collection from July through March outpaced a forecast by $786 million, according to a report by the state Department of Revenue.
Iowa Revenue Through March Drops $321M
By Michael Nunes
Iowa general fund revenue from July through March fell by $321 million from the total for the same period last fiscal year, according to a report by the state Department of Management.
Del. Net Revenue Through Feb. Rises $70M
By Michael Nunes
Delaware's net general revenue from July through February outpaced last fiscal year's collection for that period by $70 million, according to a report by the state Department of Finance.