Census Bureau Reports State Government Tax Collections Decrease $14 Billion in 2010
"State government tax collections decreased $14.3 billion to $704.6 billion in fiscal year 2010, the U.S. Census Bureau has reported. There was a $65.8 billion decrease in 2009. These new data come from the 2010 Annual Survey of State Government Tax Collections, which contains annual statistics on the fiscal year tax collections of all 50 state governments, including receipts from licenses and compulsory fees. Tax revenues also include related penalty and interest receipts of the governments. According to the survey, corporate net income tax revenue was $38.2 billion, down 6.6 percent, while tax revenue on individual income was $236.4 billion, down 4.4 percent. General sales tax revenue was $224.5 billion, down 1.8 percent. These taxes comprised 70.8 percent of all state government tax collections nationally.
This survey provides an annual summary of taxes collected by state for up to 25 tax categories. For more information about this survey, visit http://www.census.gov/govs/statetax/.
Taken from beSpacific - Accurate, focused law and technology news
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