States are seeing double digit growth in sales tax revenue, a trend that has been fueled in part by changes in consumer spending during the pandemic.
According to the latest data from the Urban Institute, 42 states reported higher sales tax revenue from April–September versus the same period in 2020. What’s more, an incredible 27 states reported annual growth of over 20% during that period.
States also ended their fiscal years on a high. According to a new report by the National Association of State Budget Officers, median sales tax revenue grew by more than 9% in fiscal 2021, which ended June 30. Many states reported double-digit growth.
Source Forbes
