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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
Oklahoma General Fund Revenues Beat Forecasts By $98M
By Michael Nunes
Oklahoma's general fund revenue collection from July through May outpaced forecasts by $98 million, according to the state Office of Management and Enterprise Services.
Ohio Revenues Beat Estimates By $1.3B Through May
By Michael Nunes
Ohio's general revenue fund receipts for July through May outpaced forecasts by $1.34 billion, according to a report by the state Office of Budget Management.
Kentucky General Revenue Through May Up $85M
By Michael Nunes
Kentucky's general fund revenue collection for July through May outpaced last year's collection by $85 million, according to a report by the state Department of Revenue.
California Revenues Through May Up $640M From Forecast
By Michael Nunes
California's net general revenue from July through May outpaced forecasts by $640 million, according to a report by the state comptroller.
SD General Fund Revenue Up $48M From Estimate
By Michael Nunes
South Dakota's general fund revenue collection from July through May edged higher than budget forecasts by $48 million, according to a report by the state Bureau of Finance and Management.
Missouri Revenue Collection Through May Falls $16M
By Michael Nunes
Missouri's net revenue collection from July through May lagged $16 million behind last year, according to the state Department of Revenue.
Mass. Revenues Through May Up $2B From Forecast
By Michael Nunes
Massachusetts general revenue collection from July through May outpaced estimates by $2 billion, according to a report by the state Department of Revenue.
Georgia General Fund Receipts Through May Up $536M
By Michael Nunes
Georgia's general fund revenue collection for July through May beat last year's collection for the same period by $536 million, according to a report by the governor's office.
Ala. Revenue Through May Grows $262M From Last Year
By Michael Nunes
Alabama's net general fund revenue for July through May outpaced last fiscal year's collection for that span by $262 million, according to a report by the state Department of Revenue.
NH Revenue Misses Forecast By $36M Through May
By Michael Nunes
New Hampshire's general fund revenue collection from July through May underperformed a forecast by $36 million, according to the state Department of Administrative Services.
Iowa Revenue Through May Falls $745M From Last Year
By Michael Nunes
Iowa's general fund revenue collection for July through May dropped $745 million from last fiscal year's collection during that period, according to a report by the state Department of Management.
Vt. Revenues Surge $225M, Income Taxes Lead Growth
By Michael Nunes
Vermont's general fund revenue collection from July through April outpaced last year for the same period by $225 million, according to the state Agency of Administration in a report released Thursday.
Texas Revenue Through May Up 2.4% From Last Year
By Michael Nunes
Texas' revenue collection from September through May outpaced the total for the same period last fiscal year by 2.4%, according to the state comptroller of public accounts.
Fla. Net Revenue Through April Beat Estimates By $276M
By Michael Nunes
Florida's net general revenue collection from June through April finished ahead of government forecasts by $276 million, according to a report by the state Office of Economic and Demographic Research.
Montana Revenues Through May Up $43M, Dept. Says
By Michael Nunes
Montana's general fund revenue collection from July through May beat last year's total for the same time frame by $43 million, according to a report by the state Department of Revenue.
Ark. Revenue Through May Tops Forecast By $17M
By Michael Nunes
Arkansas' net general fund revenue from July through May outperformed an estimate by $17 million, the state Department of Finance and Administration said Tuesday.
W.Va. Revenues Through May Beat Forecast By $237M
By Michael Nunes
West Virginia's general fund revenue collection for July through May outpaced budget forecasts by $237 million but underperformed last year's total by $158 million, according to the State Budget Office.
Mich. General Revenue Jumps By $720M Through April
By Michael Nunes
Michigan's total general fund revenue for October through April outpaced last year by $720 million, according to a report by the state Budget Office.
Maine Revenue Falls $29M Short Of Projections Through April
By Michael Nunes
Maine revenues from July through April lagged $29 million behind estimates, according to a report by the state Department of Administrative and Financial Services.
Colorado Revenue Drops $90M In April
By Michael Nunes
Colorado's total general fund revenue collected in April lagged $90 million behind the same month last year, according to the state Department of Revenue.