Salient to Investors:

The National Conference of State Legislatures said half of all U.S. states have returned to peak tax-collection levels last seen before the recession five years ago, or will soon. In the preceding two recessions, it took 2 years or less for revenue to return to previous peaks.

Corporate income-tax revenue, which account for about 5 percent of state collections, is expected to exceed or match budget estimates in 32 states.

California is on track to record a surplus by 2015.

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