Wednesday, November 23, 2005

Gov. Sanford seeks tax relief to spur economic growth in South Carolina

State Surpluses May Lead To Tax Cuts

AccountingWEB.com - November 22, 2005 - The U.S Bureau of Economic Analysis reports that state and local revenues are up 7.2 percent in the first three quarters of 2005. With state personal and corporate tax collections peaking, the question is what to do with their revenue surpluses in 2006. Strong revenue growth has New Mexico realizing a $1 billion surplus, Florida a $3 billion, and even California seeing a $3.4 billion surplus according to USA Today. States taxing energy production and real estate construction have seen windfalls also.
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