Tools commonly used in the State Government-Finance & Taxation industry for day-to-day tasks and operations.

• Tax preparation software
• Accounting software
• Budgeting software
• Financial analysis software
• Debt management software
• Electronic payment systems
• Data analytics tools
• Risk management software
• Investment management software
• Financial reporting software

Common products and services typical of NAICS Code 921130-05, illustrating the main business activities and contributions to the market.

• State tax collection agencies
• State treasury departments
• State comptroller offices
• State budget offices
• State auditor offices
• State revenue departments
• State financial planning agencies
• State debt management offices
• State investment boards
• State pension funds

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Certified Government Financial Manager (CGFM): A professional certification awarded by the Association of Government Accountants (AGA) to individuals who have demonstrated expertise in governmental accounting, auditing, financial reporting, internal controls, and budgeting. The certification is recognized by federal, state, and local governments, as well as public accounting firms and consulting firms that work with government clients.
• Certified Public Finance Officer (CPFO): A professional certification awarded by the Government Finance Officers Association (GFOA) to individuals who have demonstrated expertise in public finance, including budgeting, financial reporting, debt management, and treasury management. The certification is recognized by state and local governments, as well as public accounting firms and consulting firms that work with government clients.
• Government Finance Professional (GFP): A professional certification awarded by the National Association of State Treasurers (NAST) to individuals who have demonstrated expertise in government finance, including budgeting, financial reporting, debt management, and investment management. The certification is recognized by state and local governments, as well as public accounting firms and consulting firms that work with government clients.
• Certified Government Financial Manager Federal (CGFM-F): A professional certification awarded by the Association of Government Accountants (AGA) to individuals who have demonstrated expertise in federal government accounting, auditing, financial reporting, internal controls, and budgeting. The certification is recognized by federal agencies, as well as public accounting firms and consulting firms that work with federal clients.
• Certified Government Financial Manager State and Local (CGFM-S/L): A professional certification awarded by the Association of Government Accountants (AGA) to individuals who have demonstrated expertise in state and local government accounting, auditing, financial reporting, internal controls, and budgeting. The certification is recognized by state and local governments, as well as public accounting firms and consulting firms that work with government clients.

A concise historical narrative of NAICS Code 921130-05 covering global milestones and recent developments within the United States.

• The State Government-Finance & Taxation industry has a long history dating back to the earliest forms of government. In ancient times, rulers levied taxes on their subjects to fund their activities. In the United States, the industry has its roots in the colonial period when the British government imposed taxes on the colonies to pay for the French and Indian War. The Boston Tea Party, a key event in the American Revolution, was a protest against British taxation policies. In the 20th century, the industry saw significant growth as state governments expanded their activities and responsibilities. In recent years, the industry has faced challenges such as budget deficits, unfunded pension liabilities, and declining tax revenues due to economic downturns.

The anticipated future trajectory of the NAICS 921130-05 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The State Government-Finance & Taxation industry in the USA is expected to grow in the coming years due to the increasing demand for public services and infrastructure. The industry is also expected to benefit from the growing economy and the resulting increase in tax revenues. However, the industry may face challenges due to the increasing pressure to reduce taxes and cut government spending. The industry is also likely to face competition from private sector firms that offer similar services. Overall, the industry is expected to grow steadily in the coming years, but may face challenges due to changing economic and political conditions.

Recent groundbreaking advancements and milestones in the State Government-Finance & Taxation industry, reflecting notable innovations that have reshaped its landscape.

• Electronic Payment Systems: Many state governments have implemented electronic payment systems to make it easier for citizens to pay taxes and fees. These systems allow citizens to pay online using credit cards or bank transfers, reducing the need for paper checks and in-person payments.
• Blockchain Technology: Some state governments have started using blockchain technology to improve the efficiency and security of their financial systems. Blockchain technology can be used to securely store financial data and automate financial transactions, reducing the risk of fraud and errors.
• Green Bonds: Some state governments have started issuing green bonds to finance environmentally friendly projects such as renewable energy and energy efficiency. These bonds are designed to attract investors who are interested in socially responsible investments.
• Public-Private Partnerships: Some state governments have started partnering with private sector firms to finance and manage public infrastructure projects. These partnerships can help reduce the cost of infrastructure projects and improve their efficiency.
• Tax Incentives: Some state governments have started offering tax incentives to attract businesses and encourage economic growth. These incentives can include tax breaks for new businesses, tax credits for job creation, and tax exemptions for certain industries.