Second quarter 2010 (2010:2) tax revenues for state and local governments, as compared with second quarter 2009 (2009:2), were up 1.65 percent, marking the third consecutive quarter of positive growth. Tax revenue for the quarter totaled $318.2 billion compared with $313.0 billion reported for second quarter 2009.

Of the largest tax categories property tax and general sales tax showed positive growth; while corporate income tax declined for the second consecutive quarter. Severance taxes – taxes on the removal of natural resources – and Documentary and stock transfer taxes – taxes on the registration of mortgages and securities – increased for the second consecutive quarter