Tax revenues for U.S. states soared to their highest in 25 years in the second quarter as personal income tax collections reached record amounts, U.S. Census data released on Tuesday showed.
Total state tax revenues rose 9.4 percent from the second quarter of 2012 to $259.6 billion, the largest intake on records going back to 1988 and the 15th straight quarter of increases.
Individual income taxes were up 19.4 percent to $106.2 billion, also the highest on record.
Most states ended their fiscal years on June 30, the last day of the second quarter. For that year, total state tax revenues were $843.40 million, also a record high, Census records show.
Since January, state political leaders and economists have warned income tax revenues could swell in the second quarter and that the strength would likely not persist. The quarter encompasses April, when federal and most state taxes are filed.
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