Early indications are that most states continued the recent trend of strong growth in tax collections in April, led by gains in personal income taxes. States saw growth in payroll withholding, estimated and final tax payments in April. The gains are likely due to several factors including employment growth, salary increases, and strong stock market performance in 2021. Similarly, most states also reported increases in corporate income taxes due to higher corporate profits. Part of the year-over-year increase in income taxes is due to 2021’s tax deadline being pushed back to May, which led to less April tax collections ...
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