(Note: This is a reprint of a news story that ran on WebCPA)

Fifteen of the largest U.S. states have forecast gains in tax revenue for 2011, ending a two-year slide in tax collections, while all 50 states expect to hike collections by about 3.5 percent.

According to Bloomberg, California gathered nearly 4 percent more in tax revenue since December than it had projected at the start of the year, while in New Jersey tax collections were running about 2 percent higher than the previous year - its first increase in 19 months. New York said it was running $129 million above state forecasts.

In 2009, states collected about $79 billion less in sales, income and corporate taxes in 2009 than in 2008, according to a U.S. Census Bureau report.

Collections of personal income and sales taxes fell by 17 percent and 7 percent, respectively, last year compared with 2008, according to the Census Bureau.  Corporate taxes increased 3.4 percent, to $9.1 billion in the fourth quarter after posting declines in seven of the previous nine quarters.

The states’ aggregate budget gaps will total $180 billion in fiscal 2011 and $120 billion in fiscal 2012.