U.S. state, local government tax revenues up 2.2 pct to $294.2 bln in Q3
SAN FRANCISCO : U.S. state and local government tax revenues increased to $ 294.2 billion in the third quarter of 2016, a 2.2 percent increase versus the same period a year ago, according to data from the U.S. Census Bureau published on Tuesday. Property tax collections grew 3.2 percent to $ 105.7 billion from $ 102.4 billion collected in the same quarter of 2015.
The data examines the four largest state and local government tax categories: property, sales, individual income and corporate income taxes.
General sales tax revenue increased slightly, up 2.5 percent to $ 91.8 billion from $ 89.6 billion collected in the same quarter in 2015. Individual income tax collections rose to 86.4 billion, up 2.4 percent from a year ago. Corporate net income tax revenue for the third quarter declined 9.6 percent to $ 10.4 billion, from $ 11.5 billion in the same quarter of 2015.
Total state tax revenue increased 1.4 percent to $ 216.8 billion from $ 213.8 billion in the second quarter of last year. Most state tax revenue derives from individual income, sales and gross receipts.
To review the census data click on: www.census.gov/govs/qtax
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