The tax revenues of state and local governments are still tanking. The Census Bureau yesterday released figures for the third quarter (a readable summary is available here), and it’s not a pretty picture. Overall revenue was down 6.7 percent compared with the same period last year. Corporate income tax fell a breathtaking 18 percent, from $11.6 billion to $9.5 billion. Receipts from sales tax and individual income tax also dropped, by 9 percent and close to 12 percent, respectively. Oddly enough, given the state of the housing market, property tax revenue was a relatively bright spot, eking out a 3.5 percent rise.

Inevitably, all of this will mean increased demands on governments’ favorite unpaid tax agents. more

Here’s my end-of-year roundup of oddball business-related taxes. I’ve included proposals as well as actual laws, and I lean heavily on the sales-and-use side, always a good source of weirdness ever since aggressive taxation caused the unfortunate demise of the wig powder industry in the 18th century. more

Most corporate tax pros, like business leaders in general, are looking forward to kissing 2009 good-bye with a huge sigh of relief. But there’s still time to score some tax savings for this year and get a jump on 2010. Here are a couple of year-end tax round-ups that can help. more

The House today passed a bill to extend the research tax credit for one year. While most business leaders would welcome the extension if it makes it through the Senate, small companies – currently in desperate need of a bit of tax relief — would have little to celebrate, judging by a report released Sunday by the Government Accountability Office. Big companies hog most of the tax break’s benefits, the GAO reveals. more

The excise tax on high-premium health insurance policies that’s such a controversial part of the Senate health care bill was always intended to be more than just a revenue raiser. The proposal’s supporters have touted it as a step toward holding down costs by discouraging “overly generous” coverage.

The majority of so-called “Cadillac” health plans would indeed become noticeably less luxurious if the proposal makes it into law, according to research published Thursday by Mercer, a firm that provides consulting, outsourcing, and investment services. more