Journal Article

Across the region: six-state review

Abstract: Revenue collections were strong across New England during the first two-thirds of FY05 (July 2004 through February 2005) compared with the same period one year earlier. All states experienced positive growth in total revenue, with increases ranging from 1.3 percent in New Hampshire to 9.1 percent in Connecticut. Year-over-year revenue growth from the largest tax the personal income tax in all states except New Hampshire where the business tax produces the most revenuewas also positive in all states. Revenue growth from these taxes ranged from a low of 5.1 percent in Maine to a high of 17.0 percent in New Hampshire. The performance of the second largest tax the sales and use tax in all states except in New Hampshire, where the second-ranking tax is the meals and rooms tax was mixed. Collections from these second-ranked taxes were up during the first eight months of FY05 in all New England states except Maine and Vermont, where collections dropped by 1.9 percent and 17.0 percent, respectively.

Keywords: Revenue - New England; Revenue - Connecticut; Revenue - Rhode Island; Revenue - Vermont; Revenue - New Hampshire; Revenue - Massachusetts; Revenue - Maine;

Bibliographic Information

Provider: Federal Reserve Bank of Boston

Part of Series: Fiscal Facts

Publication Date: 2005

Issue: Sum

Pages: 7-12

Order Number: 34