State and local budgets get relief from rebounding tax revenue

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Thanks to the U.S. economic recovery, the worst days might be over for cash-strapped state and local governments, analysts at the Rockefeller Institute said. During the past year, corporate-tax revenue has soared 87%. Overall tax receipts of local and state governments increased 5.1% in the third quarter compared with the same period last year, according to the Bureau of Economic Analysis. Full story here