Tax Authority State & Local Tax Revenue Report

As the increased federal funding from the 2021 American Rescue Plan Act runs out, states that responded to healthy coffers by reducing income tax rates may find themselves struggling to raise revenue sufficient to support spending. Meanwhile, states that used the federal funds to build up their rainy-day accounts may have a fiscal cushion for any difficult times ahead.

Whether the coffers are low or state treasuries are feeling flush, all are carefully monitoring their inflow of tax revenue. Here, Law360 Tax Authority provides up-to-date coverage on states' tax revenue.






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--Graphics by Ben Jay.

NEWS & ANALYSIS


Minn. Ends Fiscal Year $421M Ahead Of Revenue Estimates

By Michael Nunes

Minnesota's total net revenue for the fiscal year was $421 million higher than forecast, according to the state Department of Management and Budget.

Ohio Revenue Trails Estimates By $928M In Fiscal 2024

By Michael Nunes

Ohio's general revenue in the 2024 fiscal year was $928 million lower than estimates, according to the state Office of Budget and Management.

Fla. Net Revenue Through May Beats Estimates By $1B

By Michael Nunes

Florida's net revenue collection from July 2023 through May was $1.06 billion higher than estimates, according to the state Office of Economic and Demographic Research.

Calif. Ends Fiscal Year With Revenue $3B Over Estimates

By Michael Nunes

California's general fund revenue in the 2024 fiscal year was $3 billion higher than estimated, the California state controller said Wednesday.

Iowa's Total 2024 Receipts $266M Higher Than Previous Year

By Michael Nunes

Iowa's total receipts for the 2024 fiscal year were $266 million higher than the previous fiscal year, according to a memo from the state's Department of Management.

Ala. Revenues Through June Up $162M From Last Year

By Michael Nunes

Alabama's total general revenue from October through June was $162 million higher than the same period last fiscal year, according to the state Department of Revenue.

Kansas' June Tax Collection Up $40M From Prior Year

By Jaqueline McCool

Kansas collected $1.03 billion in tax revenue in June, about $40 million more than it collected in the same month last year, according to revenue figures released by the governor's office.

Mo. General Revenues Exceed Last Fiscal Year By $194M

By Michael Nunes

Missouri general revenue collection throughout the 2024 fiscal year was $194 million higher than the previous fiscal year, according to a report by the state's Office of Administration, Division of Budget and Planning.

Arkansas' June General Revenue Drops 2.5% From Last Year

By Jaqueline McCool

Arkansas' general revenue for June was at $751 million, 2.5% below June 2023, the state Department of Finance and Administration announced. 

W.Va. Revenues For Fiscal Year Top Forecast By $590M

By Michael Nunes

West Virginia's general fund collections in fiscal year 2024 were $590 million ahead of budget estimates, the State Budget Office said in a preliminary report.

Ark. June Revenue Drops From Previous Year, Dept. Says

By Jaqueline McCool

Arkansas net available general revenue for the month of June fell 2.5% below the previous year's collections, the state Department of Finance and Administration said Tuesday. 

Pennsylvania Ends Fiscal Year Above Revenue Estimates

By Jaqueline McCool

Pennsylvania's revenue for the 2023-24 fiscal year was 1.9% above the state's revenue estimates, the state Department of Revenue announced.

Vt. General Revenues Through May Up $41M From Last Year

By Michael Nunes

Vermont's general fund revenue from July through May exceeded last year by roughly $41 million, according to a report by the state Agency of Administration.

Mich. Revenues Through May Fall $530M From Last Year

By Michael Nunes

Michigan's general fund revenues from October through May were down $530 million compared with the same period last fiscal year, the State Budget Office reported Friday.

Maine's Revenue Through May Lags Estimates By $50M

By Michael Nunes

Maine's revenue collection from July through May missed budget estimates by roughly $50 million, according to the state Department of Administrative and Financial Services.

Wis. Revenues Through May Outpace Last Year By $232M

By Michael Nunes

Wisconsin general revenue collection from July through May was $232 million higher than the same period last fiscal year, according to the state Department of Revenue.

Idaho Tax Revenue Through May Down $36M From Forecasts

By Michael Nunes

Idaho's revenue collection from July through May was $36 million lower than predicted, according to the state Division of Financial Management.

Ariz. General Revenues Through May Up $314M From Forecast

By Michael Nunes

Arizona's general revenue collection from July through May was $314 million higher than was forecast, according to the state Joint Budget Committee.

Nebraska Net Revenue Misses Estimate By $49M

By Zak Kostro

Nebraska's net general fund receipts for July through May came in $49 million below a budget projection, according to a monthly report by the state Department of Revenue.

Va. General Revenue Through May Beats Last Year By $1.48B

By Michael Nunes

Virginia general revenue collection from July through May was $1.48 billion higher than in the same period last fiscal year, according to the state Department of Accounts.