State and local tax revenues inch higher

By Chavon Sutton, staff reporter


NEW YORK (CNNMoney.com) -- Tax revenue at the state and local levels grew for the first time in the past five quarters, according to government data released on Tuesday.

Tax revenues inched higher to $360.1 billion in the fourth quarter of 2009, up 0.76% from $357.4 billion in the same period a year earlier, according to the Census Bureau's quarterly summary of tax revenue.

Of the four largest tax categories, property and corporate income tax revenue rose year-over-year, while sales tax and individual income tax receipts both declined.

Revenue from property taxes jumped 5.8% to $169.8 billion, compared to $160.5 billion in the period a year ago. Corporate income tax revenue rose 3.4% to $9.1 billion, after declining in seven of the past nine quarters.

Still, the report showed that state and local governments continued to struggle amid stubborn unemployment.

Individual income tax revenues fell 4.7% from the year-ago period to $59.9 billion and general sales tax revenues dropped 2.8% to $71.7 billion.

Both revenue sources fell for the fifth straight quarter, but the pace of declines slowed, the Census Bureau said.

Of the states that collect general sales tax, only seven saw year-over-year increases. Georgia fared the best, with a 57.6% jump. Only eight of the states that collect individual income taxes saw a boost, but Arizona posted the highest gain of 15.9%.

The report follows another from the government on Monday that said personal spending rose in February, but income barely budged.  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,279.74 13.75 0.08%
Nasdaq 4,579.79 -13.64 -0.30%
S&P 500 2,010.40 -0.96 -0.05%
Treasuries 2.59 -0.04 -1.60%
Data as of 11:04pm ET
Company Price Change % Change
Yahoo! Inc 40.93 -1.16 -2.74%
Microsoft Corp 47.52 0.84 1.80%
Bank of America Corp... 16.95 -0.09 -0.53%
Oracle Corp 39.80 -1.75 -4.21%
Facebook Inc 77.91 0.91 1.18%
Data as of Sep 19

Sections

7,000 Ravens fans traded Ray Rice jerseys for one with another player's name. The team gave vouchers after it ran out of replacement jerseys. More

It's really good to be Larry Ellison. The Oracle founder is stepping down as CEO, so maybe he'll have more time to enjoy his glamorous life. More

As Occupy Wall Street goes on its debt-abolishing tear, thousands of people across the country are begging them to forgive their loans. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.