Sunday, February 06, 2011

January State Tax Revenues Coming in Strong

1. The Massachusetts Department of Revenue collected $2.053 billion in January, an 11.3 percent increase over January 2010.

2. The Pennsylvania Department of Revenue’s tax collections last month showed signs of economic improvement for businesses and the state’s fiscal health, countering the situation this time last year. Overall, the state’s general fund received $2.2 billion from taxes and fees in January, more than 3 percent above what the state estimated it would receive.

3. Indiana reports it took in $41 million more than expected in January. State Budget Agency Director Adam Horst says state tax collections have now increased on a year-over-year basis for 11 consecutive months. Horst says January was the first month in state history when sales tax collections exceeded $600 million in a single month.  Individual income tax collections for the month were 15 percent above the same period last year.

4. With the fiscal year now half over, Hawaii state tax revenues are running 6.3 percent above year-before levels, a sign of economic recovery in a state that gets most of its revenue from excise taxes on consumer and business spending.

5. Net general revenue collections in Missouri increased 6.3 percent in 2011 fiscal year-to-date, starting July 1 and ending Jan. 30, to $4.13 billion compared to $3.88 billion last year in the same period.

6. The Arkansas Department of Finance and Administration said that the state's net available revenues in January totaled $459.8 million. That's $19.7 million more than 2010 and $4.4 million above the forecast.

7. West Virginia general tax revenues topped their January estimate by a whopping $81 million. Tax collections totaled $425 million for the month. The excess puts state government $241 million above revenue projections for the budget year that began July 1.

8. Virginia Gov. Bob McDonnell said Virginia may collect as much as $152 million more than expected for the current two-year budget because of strong tax collections and lower-than-anticipated refunds to taxpayers. Individual withholding collections through January were up 5.2 percent, ahead of the budget estimate of 3.4 percent, suggesting a rebound in small business hiring and wages. 

Updates:

9. State tax collections in Georgia increased by 8 percent in January, the eighth straight month of growth. For the fiscal year that began July 1, tax collections are also up 8 percent to $9.4 billion."Our state continues its recovery, as many Georgians who have suffered during this downturn return to employment and being paying taxes again," said Gov. Nathan Deal.

10. Minnesota tax collectors did better than expected last month as individual taxpayers withheld and paid more income taxes. Minnesota Management and Budget said that the state collected $137.4 million more than anticipated in January. That's 9.3 percent higher than forecast.  The extra cash puts the state $165.5 million ahead of projected revenues seven months into the current fiscal year.

11. Nebraska collected more tax revenue than predicted for a third month in a row, according to a report released Thursday. The report eases worries that the the state budget situation will worsen, and it contains hopeful signs of economic recovery.

12. Texas sales tax revenue for last month jumped more than 10 percent compared to a year ago as the Texas economy improves.  Sales tax revenues in Texas have improved for the last ten months, reflecting increased activity in almost all major economic sectors.

5 Comments:

At 2/06/2011 9:45 PM, Blogger Ben Eng said...

Mixed blessings. Positive economic news. Negative for feeding the beast.

 
At 2/06/2011 11:58 PM, Blogger Dr William J McKibbin said...

How about California...?

 
At 2/07/2011 7:25 AM, Blogger geoih said...

Yea, more property confiscation! Finally, a true sign of prosperity.

 
At 2/07/2011 12:32 PM, Blogger Che is dead said...

Well, not everyone is paying more in taxes:

The Rev. Al Sharpton, who has vowed to clean up his fiscal house, has a new tax lien to pay.

Sharpton owes $359,973 to the IRS for 2009 personal income tax, according to documents on file with the city.

Public records show he owes a total of $3.7 million in city, state and federal taxes, including penalties, dating to 2002.

New York Post

Didn't they put Leona Helmsley in jail?

No wonder leftists are always pushing for tax increases, they don't pay taxes.

 
At 2/07/2011 3:43 PM, Blogger VangelV said...

OK Mark, I'll play this game.

The last time we looked Massachusetts had a debt that was projected to run a deficit of $400 to $600 million and its debt stood at $52 billion with $22 billion of it being unfunded pension obligations. If I remember correctly the government was projecting an increase from January 2010.

Moving on the Pennsylvania, it was not that long ago that many analysts were predicting a default. The 2012 deficit was forecast to be around $4 billion so it will need a lot more than 2% more revenue, particularly when you look at the extra costs imposed by Obama's health care bill. And the state debt of $42 billion (including pension obligations) is not being reduced.

Indiana's debt stood at $28 billion and the last time I looked the deficit was projected to run north of $600 million.

Hawaii's debt is a disaster with per capita debt standing at more than $8,000. Add a budget deficit of more than $1 billion and there is a big problem that cannot be resolved by a 6.3% increase y-o-y when the comparison is so weak.

Every other state on the list has similar issues. (Although Arkansas was not running a deficit but had a large debt.) Every state has a huge unfunded pension liability problem that cannot be resolved unless the unions are forced to accept major revisions to their contracts or the states go into bankruptcy.

 

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