July Tax Collections in Some States Are Booming
1. TENNESSEE – State sales tax revenues for July jumped with the largest monthly growth in over three years. The last month in which sales tax collections exceeded this month’s growth rate was April of 2007.
2. OKLAHOMA - State revenue collections for the month of July, the first of the new fiscal year, outperformed both prior year collections and the official estimate, state Treasurer Scott Meacham reported. "Collections in all major areas are above the same month of last year," Meacham said. "As we begin the new fiscal year, the recovery of Oklahoma's economy is obviously under way."
3. KENTUCKY — State General Fund tax revenue grew for the third consecutive month in July and is on pace to reach budgeted expectations in the new fiscal year. For the month, sales tax revenue was up a strong 8.1 percent, corporation tax revenue was up 25.2 percent and income tax revenue was up 3.3 percent, compared to July 2009.
4. GEORGIA -- For the second consecutive month, tax collections -- an indication of economic activity -- improved in July. Officials announced Friday that tax collections were up 4.7 percent in July over July 2009. That's after a 3.8 percent gain in June. It may not seem like much, but the state hasn't registered consecutive months of improved tax collections in more than two years.
5. MASSACHUSETTS -- Massachusetts got $721 million in income taxes, $21 million more than the same month last year, or a 3 percent increase. That was $67 million more than the state expected to collect. Sales tax collections totaled $450 million, up more than 30 percent from July 2009 and $12 million above the state benchmark.