U.S. State Revenue Grew 7.2% in January, Urban Institute Says

U.S. state revenue grew 7.2% in January compared to a year earlier, based on preliminary data from 45 states, the Urban Institute said.

• Personal income taxes grew 8.9%
• Sales taxes grew 6.3%
• Corporate income taxes declined 7.9%
• From July through January total tax revenue grew 6.4%; 42 states reported total revenue growth, while 3 states (Alaska, New Hampshire and West Virginia) reported declines
• State revenue performance for the next few months may fluctuate because of uncertainty surrounding the spread of the coronavirus, the fiscal and economic effects of the emergency Federal Reserve interest-rate cut , and presidential elections, the Urban ...