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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 Jaqueline McCool
Arkansas' net general revenue through April was down 5.5% from the total at the same point last fiscal year, the state Department of Finance and Administration said in a memorandum.
By Michael Nunes
Michigan's general revenue fund collection from October through March was down $307 million compared with the same period last year, the State Budget Office reported.
By Michael Nunes
West Virginia's general fund collections from July through April were $637.4 million ahead of budget estimates, according to the state budget office.
By Michael Nunes
Montana general fund revenue from July through April was down $263 million from the same period last year, the state Department of Revenue said.
By Michael Nunes
Wyoming general fund revenue through March exceeded a budget forecast by $69 million, according to a semiannual report by the state Consensus Revenue Estimating Group.
By Michael Nunes
Maine net revenue collections from July through March was up $20.46 million from budget forecasts, according to a monthly report by the state Department of Administrative and Financial Services.
By Michael Nunes
As state coffers fluctuate because of federal pandemic aid drying up, demographics shifting and remote work becoming commonplace, Law360 Tax Authority is providing up-to-date coverage on state tax revenue with the launch of its Revenue Report Map.
By Michael Nunes
Nevada brought in $23.8 million more in sales tax revenue in January than in the same month last year, the state Department of Taxation said in a monthly report.
By Michael Nunes
North Dakota's general revenue collections from July through March were up $212.7 million over projections, according to a report from the state's Legislative Council.
By Michael Nunes
Idaho's general revenue from July through March is up $149 million over budget estimates, according to a report from the state Division of Financial Management.
By Michael Nunes
Arizona's general fund revenues from July through March were $128 million over budget forecasts, the state's Joint Legislative Budget Committee reported.
By Michael Nunes
Rhode Island collected $13.3 million more in revenue from July through March than originally estimated in a budget forecast, according to a monthly report by the state's Office of Revenue Analysis.
By Michael Nunes
Illinois' total revenues from July through March were higher than budget estimates by $486 million, according to a monthly report by the state Office of Management and Budget.
By Michael Nunes
Vermont's general revenue collection from July through March was $10 million higher than the same period last year, according to a report by the state's Agency of Administration.
By Michael Nunes
North Carolina's total revenue collection from July through March was $434 million higher than during the same period last year, according to a report by the state controller office.
By Michael Nunes
Mississippi collected $34 million more in tax revenue from July through March compared with the same period last year, the state Department of Revenue said.
By Michael Nunes
Virginia general fund revenue collection in July through March was up roughly $1.2 billion from the same period in the previous fiscal year, according to a report from the Department of Accounts.
By Michael Nunes
California's total receipts from July through March were $5.6 billion lower than expected in the governor's 2024-25 budget, according to the monthly report by the state controller.
By Michael Nunes
New York tax collections from April 2023 through March fell $6 billion compared to the previous period, according to a report from the state Department of Taxation and Finance.
By Michael Nunes
Nebraska general fund receipts for July through March were $311 million, or 5.8%, more than a budget projection, according to a monthly report by the state Department of Revenue published Monday.