April, typically a big revenue month for U.S. states that levy personal income t...
CHICAGO - April, typically a big revenue month for U.S. states that levy personal income taxes, was especially robust this year, making up for subpar collections in prior months, but analysts cautioned the tax surge underscores how state budgets face greater volatility from federal tax law changes and the stock market.
Some taxpayers accelerated their tax payments into December 2017 to head off the cap, inflating states’ calendar year-end tax collections. As a result, December 2018 collections fell in comparison, stoking fears that revenue goals for state budgets may be missed. April’s revenue burst brought budgets back into balance, sometimes with money to spare, and lifted tax collection projections for the coming fiscal year.
She said the stock market will play a significant role in terms of capital gains-related income tax revenue for states, along with the behavior of taxpayers, who continue to navigate tax law changes and figure out loopholes to minimize their tax liability. New York State’s net personal tax revenue, which lagged December and January prior year’s collections by $5.28 billion, zoomed 57.4 percent higher last month to $9.21 billion from $5.85 billion a year ago. The state projected the tax will bring in $380 million more in its budget for the fiscal year that began on April 1 than previously forecast.
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