by Joseph Henchman
May 31, 2012
The U.S. Census Bureau reported last month that state tax collections in FY 2011 reached $764 billion, an increase of 8.9 percent over 2010. The amount is the second-highest ever, behind only the $781 billion collected in the bubble year of 2008. Each state saw growth in tax collections, in amounts ranging from 0.4 percent (Hawaii) to 44.5 percent (North Dakota). Individual income taxes, excise taxes, and sales taxes led growth, while property tax collections dropped due to assessments catching up with depressed home values.