Revenue growth uneven across states as fiscal challenges loom

Acknowledgments iv 
Get Real Time Data v 
Executive Summary vi 
Trends in State and Local Revenues 1 
    State Tax Revenues in the First Quarter of 2025 4 
    Personal Income Taxes 5 
        Withholding 7 
        Estimated Payments 8 
        Final Payments 10 
        Refunds 11 
        Actual versus Forecasted Personal Income Tax Revenues 11 
    Corporate Income Taxes 12 
    General Sales Taxes 13 
    Motor Fuel Taxes 14 
    Other Taxes 15 
    Preliminary Review of State Tax Revenues in the Second Quarter of 2025 15 
Factors Driving State Tax Revenues 19 
    Economic Indicators 19 
        State Gross Domestic Product 19 
        State Unemployment and Employment 21 
        Housing Market 23 
        Personal Consumption Expenditures 25 
    Tax Law Changes Affecting the First Quarter of 2025 26 
Conclusion 30 
Appendix: Additional Tables 31 
Notes 40 
References 42 
About the Authors 43 
Statement of Independence 44