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State Tax Revenue Up 10.8 Percent in Second Quarter State Tax Revenue Up 10.8 Percent in Second Quarter

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TAXES

State Tax Revenue Up 10.8 Percent in Second Quarter

States saw a 10.8 percent increase in tax revenue in the second quarter of 2011, according to a report by the State University of New York's Rockefeller Institute of Government.

The gain marked the sixth straight quarter of growth for states’ revenue, though rates were not adjusted for inflation, according to The Wall Street Journal. The increase was the largest in six years.

 

But the financial woes of states are far from over. Second quarter revenue was 5.5 percent less than it was in 2008, according to The Journal. And local governments are still watching revenues drop. The authors of the report said the recent gains enjoyed by states is not sustainable.

"If the economy continues to show weakness during the second half of 2011 and into early 2012, revenue growth will likely soften as well,” said Lucy Dadayan and Robert Ward of the Rockefeller Institute.

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