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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
Maine Revenue Surpasses Forecast By $8M Through March
By Michael Nunes
Maine's general revenue collection from July through March outperformed a forecast by $8 million, according to a report by the state Department of Administrative and Financial Services.
ND General Revenue Misses Estimate By $10M
By Michael Nunes
North Dakota's general revenue collection from July 2023 to March underperformed a forecast by roughly $10 million, according to a report by the state Legislative Council.
Conn. Net Revenue Through March Up $848 Million
By Michael Nunes
Connecticut's net general revenue collection from July through March outpaced last year's collection for the same time frame by $848 million, according to a report by the state's Department of Revenue Services.
Wis. Revenues Through March Grow By $654M
By Michael Nunes
Wisconsin general revenues from July through March beat last fiscal year's collection for that period by $654 million, according to a report by the state Department of Revenue.
Arizona Revenues Through March Beat Forecast By $15M
By Michael Nunes
Arizona's general revenue collection from July through March beat forecasts by $15 million, according to a report by the state's Joint Legislative Budget Committee.
NM Revenue Through Oct. Tops Forecast By $348M
By Michael Nunes
New Mexico's general fund revenue collection from July through October outpaced an estimate by $348 million, according to the state Legislative Finance Committee.
Va. General Revenue Through March Up $1.2B
By Michael Nunes
Virginia's general revenue collection from July through March beat last year's collection during the same period by $1.2 billion, according to a report by the state's secretary of finance.
RI General Revenue Collection Beats Estimates By $1.3M
By Michael Nunes
Rhode Island's general revenue collection from July through March exceeded estimates by $1.3 million, according to a report by the state Department of Revenue.
Tenn. Revenue Through March Misses Estimate By $10.5M
By Michael Nunes
Tennessee's total general revenue collection from July through March trailed a budget estimate by $10.5 million, according to a report by the state Department of Revenue.
Idaho Revenues Through March Fall $144M From Forecasts
By Michael Nunes
Idaho's general fund revenue collection from July through March underperformed estimates by $144 million, according to a report by the state Division of Financial Management.
Utah General Revenue Collection Through March Up $428M
By Michael Nunes
Utah's general fund revenue collection from July through March outpaced collections made during the same period last year by $428 million, the State Tax Commission said Friday in its monthly report.
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.