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Tax Expenditure Budget

While taxes are an essential source of revenue for all state governments, the manner in which they are imposed varies widely from state to state.  In its simplest form, a tax is an across-the-board levy on a base, such as income, to which a specific rate applies and for which no modifications exist.  Taxes are rarely levied in this …Read more 

Fiscal Year 2024 Tax Expenditure Budget Summary (in Millions)

Tax Type
FY2020
FY2021
FY2022
FY2023
FY2024
Personal Income Tax
9,448.5
10,254.9
11,084.9
11,842.3
12,986.0
Corporate Excise Tax
2,268.7
2,532.4
2,692.8
2,784.1
2,919.5
Sales Tax
5,347.5
5,537.3
6,262.8
6,520.9
6,598.2
Total
17,064.7
18,324.6
20,040.5
21,147.3
22,503.7
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