Ah, the joys of increased revenues for the tax and spend and spend political crowd.
Politicians will have more money to spend – or squander – depending on your viewpoint, according to a new U.S. Census Bureau report released today. [Editor’s Note: this story has been revised form the original based on corrections to Census data released on 17 April or tax day in the U.S.]
State Government tax collections increased $55.7 billion to $757.2 billion in fiscal year 2011. Corporate income tax revenue was at $40.2 billion, up 9.4%, while tax revenue on individual income was a staggering $259.1 billion, up 9.8%. General sales tax revenue, at $234.5 billion, was up 5.4%.
Corporate net income tax revenue, individual income tax revenue and general sales tax revenue make up 70.5% of all state government tax collections nationally.
These latest statistics come from the 2011 Annual Survey of State Government Tax Collections, which contains annual statistics on the fiscal year tax collections of all 50 state governments. This includes receipts from licenses and compulsory fees. The survey provides an annual summary of taxes collected by states for as many as 25 tax categories. Tax revenues also include related penalty and interest receipts of the governments.
“The nationwide increases in state government tax revenue are an indication of the stabilization of revenues for state governments,” said Lisa Blumerman, chief of the Governments Division. “These data help us understand the condition of our state governments and their fiscal ability to continue to provide public services.”
All 50 states saw an increase in total tax revenue in fiscal year 2011, led by North Dakota (44.5%), Alaska (22.4%), Illinois (15.3%), and New Mexico (15.1%)
- States with the largest percentage increase in revenue from individual income taxes were North Dakota (42.6%), Illinois (31.9%), Arizona (18.5%) and Indiana (18.5%).
- States with the largest percentage increase in motor fuels tax revenue were California (80.3%), Alaska (37.4%), North Dakota (13.1%) and Kentucky (10.6%).
- –Severance taxes — collected for removal or harvesting of natural resources (e.g., oil, gas, coal, timber, fish, etc.) — were up $3.5 billion, a 31.2% increase. This followed a 16.4% decrease in fiscal year 2010. The largest increases in severance tax revenue were seen in the West.
- Revenue on taxes imposed distinctively on insurance companies and measured by gross or adjusted gross premiums (insurance premium sales tax) increased $593.8 million, up 3.8%. This followed a 5.3% increase in fiscal year 2010. The largest increases in insurance premium sales tax revenue were seen in the Northeast and South.
