According to tax collection data released yesterday by the U.S. Census, considerable economic gains were made during the third quarter of 2010.
Overall state and local tax revenues grew in the third quarter compared to the third quarter of 2009, marking the fourth straight quarter of positive growth. Property tax, general sales tax and individual income tax revenues increased, while corporate income tax revenue declined. The decline in corporate income tax revenue is the third consecutive quarter of decline.
In Arkansas, general sales tax collections at the state level were up 7.8% in the quarter, individual income tax collections were up 3.2%, corporate net income taxes received were up 38.2%, and the severance tax total was up 41.5%.
It’s likely the fourth quarter report will show continued gains for Arkansas. The Arkansas Department of Finance & Administration reported Dec. 2 that year-to-date (July-November) total revenues are $2.198 billion, up 2.4% over the same period in 2009. Year-to-date gross receipts collections — primarily sales and use tax collections — total $891.9 million, up 7.8% above the 2009 period and up 0.9% above forecast.
Oklahoma saw the general sales tax totals up 9.8% in the quarter, individual income tax collections up 3.4%, corporate net income tax up 33.4%, and the severance tax up 26.4%.
During the 2010 third quarter 2010 tax revenues for state and local governments totaled $284.3 billion, up 5.21%, but down compared to the $285.6 billion in the third quarter of 2008.