Reuters reports on recent data from the U.S. Census Bureau that shows how tax revenues are improving:
State and local governments brought in record first-quarter revenues this year, according to a Census Bureau report released on Tuesday that offered a sign their budget crises may be abating.
Total state and local revenues for the first quarter reached $321 billion, a 4.7 percent rise from the first quarter of 2010 and the highest level on records going back to 1988. It marked “the sixth consecutive quarter of positive year-over-year growth,” the Census said.
Revenues fell from $381 billion in the fourth quarter. Typically, the fourth quarter shows the highest state and local tax revenues of the year.
States’ revenues alone totaled $179 billion, a separate Census report showed. That was 9 percent above the first quarter of 2010 and 13 percent above the first quarter of 2009, when state revenues hit their lowest point in the recession.