New York ranked third among all states in the 2010 fiscal year for the large share of tax revenues from personal income taxes, according to a new report from the Tax Foundation, a non-partisan tax research group in Washington. Nationally, 20 percent of all state and local tax revenues came from personal income taxes. In Oregon, 37.7 percent was from personal income taxes, compared to 35.6 percent in Maryland, 31.2 percent in New York, 30.4 percent in Kentucky and 30.3 percent in Massachusetts.
A significant portion of the personal income taxes New York collects come from Wall Street bonuses.
The states that were the least dependant on this funding source were the seven states that don’t have state income taxes — Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming, the Tax Foundation found.
Thirty-five percent of state and local tax revenues in the United States came from property taxes in the 2010 fiscal year and 34 percent were from sales and gross receipts taxes, the report said. State governments received just under half their tax revenues from sales and gross tax receipts that year. More than 25 percent of government funding in New York came from sales and gross receipts taxes that year, and 32.4 percent was from property taxes.
Local governments are more reliant on property tax revenues, according to the Tax Foundation. In the 2010 fiscal year, they received slightly more than 75 percent of their revenues from property taxes.
Corporate income taxes comprised just 3 percent of state and local tax revenues nationwide in the 2010 fiscal year. Alaska depends most heavily on those taxes, with 10.4 percent of total revenue from this source. The next highest ranking states were New Hampshire (10 percent); New York (6.7 percent); Massachusetts (5.5 percent); and California (5.3 percent).
Nevada, Texas, Washington and Wyoming don’t have state-level corporate income tax. After those states, Ohio is the state that depends the least on corporate income taxes. It received less than 1 percent of revenues from that source in the 2010 fiscal year.
West Virginia, Louisiana, New York, Connecticut, and Georgia were the states that relied the least on motor vehicle license taxes that year, the Tax Foundation found.