WASHINGTON – State tax collections nationwide in fiscal 2008 amounted to nearly $781.79 billion, an increase of $24.53 billion or 3.20 percent from FY 2007, the U.S. Commerce Department’s Census Bureau reported today.
Massachusetts, with total tax revenue that rose 5.53 percent year over year to $21.84 billion, remained No. 11 among the states; Connecticut, with total revenue that rose 4.05 percent to $13.37 billion, was steady at No. 20; and Rhode Island, despite total tax revenue that dipped 0.17 percent to $2.76 billion, remained No. 44.
The report includes taxes collected by each state government, but not those collected within a state by local or federal agencies, in FY 2008. (The state fiscal year ends June 30 in 46 of the 50 states; the exceptions are Alabama, Michigan, New York and Texas.) Also excluded are employer or employee assessments for retirement programs; social insurance plans; and state unemployment insurance.
Nationwide last year, three categories accounted for $573.11 billion, or 73.31 percent, of all state tax collections: individual income tax, $280.68 billion; corporate income tax, $51.80 billion; and general sales taxes, $240.63 billion. Those same three categories accounted for $2.08 billion, or 75.49 percent, of FY 2008 receipts in Rhode Island; and $17.58 billion, or 84.87 percent, in Massachusetts.
Individual income tax collections rose 5.01 percent nationwide. In Rhode Island, they rose 0.56 percent to $1.09 billion, while in Massachusetts, they rose 9.62 percent to $12.50 billion.
Corporate income tax collections dipped 2.53 percent nationwide. In Rhode Island, they plunged 18.59 percent to $145.87 million, but in Massachusetts, they rose 3.47 percent to $2.18 billion.
General sales tax collections rose 0.95 percent nationwide. In Rhode Island, they fell 3.28 percent to $846.87 million, while in Massachusetts, they edged up 0.55 percent to $4.10 billion.
Selective sales taxes collected by the states – including general sales taxes, but also selective taxes on products such as alcoholic beverages, amusements, gasoline, insurance premiums, public utilities and tobacco – rose 2.19 percent nationwide last year to $115.67 billion. In Rhode Island, they rose 11.08 percent to $534.24 million, while in Massachusetts, they rose 0.02 percent to $1.93 billion.
Estate and gift tax collections by states nationwide rose 3.68 percent to $5.10 billion. In Rhode Island, estate and gift tax collections fell 2.56 percent to $35.04 million, while in Massachusetts, they rose 1.75 percent to $253.97 million.
Documentary and stock transfer taxes – incurred when recording, registering or transferring documents such as mortgages, deeds and securities – fell 24.45 percent nationwide to $7.73 billion. In Rhode Island, they fell 20.41 percent to $10.46 million, while in Massachusetts, they fell 20.16 percent to $188.17 million.
Licensing fees collected by the states rose 5.29 percent last year to $48.81 billion. In Rhode Island, they rose 1.89 percent to $95.79 million, while in Massachusetts, they fell 1.22 percent to $685.04 million.
Additional information from the U.S. Commerce Department’s Bureau of the Census – including annual State Government Tax Collections reports for each state, from fiscal 1992 through fiscal 2008 – is available at www.census.gov/govs.
