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U.S. 1st-qtr state, local govt tax revenues up 4.1 pct to $330.5 bln
June 20, 2017 / 8:27 PM / 3 months ago

U.S. 1st-qtr state, local govt tax revenues up 4.1 pct to $330.5 bln

NEW YORK, June 20 (Reuters) - U.S. state and local government tax revenues rose to $330.5 billion in the first quarter of 2017, a 4.1 percent increase compared to the same period a year ago, according to data from the U.S. Census Bureau published on Tuesday.

The data measures the four largest tax categories: property, sales, individual income and corporate income taxes.

Property tax revenue grew 6.3 percent to $133.7 billion versus the same quarter of 2016, nearly all of it collected by local governments.

Income tax collections also rose, with revenue up 7.1 percent to $95.1 billion in the first quarter. General sales and gross receipts tax revenue was 2.0 percent higher over the same quarter last year, to $91.7 billion.

However corporate income tax revenue dropped nearly 24 percent in the first quarter to $10 billion.

Of the total, state tax revenue rose 3.0 percent to $230.4 billion. Most state tax revenue derives from individual income, sales and gross receipts.

Reporting by Hilary Russ; Editing by James Dalgleish

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