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STATE REVENUE REPORT WWW.ROCKIEST.ORG FEBRUARY 2011, No. 8 2 State Tax Revenues Gained New Strength in Fourth Quarter Every Quarter of 2010 Showed Growth, But Recession's Harsh Impact Will Linger

6 percent below their level at the end of fiscal year 2009 — a sign, say analysts, that the recession may be taking its toll on state tax revenues. N States' tax collections were more than 6.5 percent below the record-high level reached during the third quarter of 2009. (See Table 1.3.) N Revenue collections were slightly higher in the four preceding quarters than at the end of 2009. N State tax collections were 22.7 billion in the quarter ended March 31. They were 6.1 percent (or 11 billion) lower than in the fourth quarter of 2009. (See Table 1.4.) Revenue was slightly below their level at the end of 2009, despite state tax revenues growing by 6.7 percent in 2010 (see Table 1.5.) N Tax collections in North Carolina, as in most of the Southeast, are driven by state and local taxes and are the major source of state revenue. (See Table 1.5.) N With North Carolina and many other states now facing large budget shortfalls, increasing revenues are a necessary but not sufficient condition for balanced budgets. N States need to consider a wide range of options to ensure that the budget is sufficiently balanced without having to resort to large tax increases. N The report shows that, on a net basis, North Carolina's tax revenues grew 4.5 percent in the April-March quarter. This compares with a 3.0 percent growth rate in the fourth quarter of 2009. (See Table 1.10.) N The quarter ended March 31 accounted for 36.3 percent of state tax revenues: 28.5 percent came from income taxes, 32.3 percent were from the corporate tax, and 2.7 percent came from other types of taxes. N The report shows that North Carolina's budget deficit was 2.4 billion (the difference between state tax revenues and expenditures). (See Tables 1.11 and 1.12.) 1 N The report also shows that state revenues in the April-March quarter were 6.1 billion below the prior year's level because of lower revenues in the tax period of March 2010 and lower revenues in the tax period of March 2009. This reflects the impact of the fiscal year 2008 budget. 2 N See Table 1.13. 3 N See Tables 1.2 and 1.14. Re wan M. MacGregor, Michael R. Smith, and John W.

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