WASHINGTON: 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.
