Revenues up? What?

A smigit (technical, accounting term) of good news has arrived on the state and local government revenue front: tax revenues were up slightly in the 4th quarter of 2009 as compared to the same period of 2008.

According to a report by the U.S. Census Bureau, as reported by the excellent stateline.org. Web site from Pew, state and local tax revenues in the fourth quarter of 2009 had risen for the first time since 2008. While it was up less than 1%, it was the first positive growth in five years.

"Of the four largest tax categories," the report stated, "property tax and corporate income tax increased in the fourth quarter, while general sales tax and individual income tax continued to decline, though the declines are not as sharp as they have been for the past four quarters."

Hopefully the upward trend will continue in the months ahead.