Daily Tax Update - April 17, 2015: State Government Tax Revenue Increases for Fourth Consecutive Year

State Government Tax Revenue Increases for Fourth Consecutive Year:  According to the U.S. Census Bureau’s 2014 Annual Survey of State Government Tax Collections, state government tax revenue increased 2.2%, from $847.1 billion in fiscal year 2013 to $865.8 billion in 2014, the fourth consecutive increase.  General sales and gross receipts taxes increased from $258.9 billion to $271.3 billion, or 4.8%.  Severance taxes increased 6%, from $16.8 billion to $17.8 billion, and motor fuel taxes increased 3.4%, from $40.1 billion to $41.5 billion.

Miscellaneous Guidance:
Revenue Ruling 2015-8 provides various prescribed rates for federal income tax purposes, including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, and the adjusted federal long-term tax-exempt rate.