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State Revenue Report # 72: State Taxes Slow Yet Again, and Further Weakening Appears Likely -- Mid-Year Budget Cuts May Lie Ahead
Publication Date: July 2008
Publisher(s): Nelson A. Rockefeller Institute of Government
Author(s): Donald Boyd; Lucy Dadayan; Nino Giguashvili
Topic: Banking and finance (Taxation and tax policy)
Government (State or regional government)
Keywords: State Tax Revenue; State and Local Finance
Type: Report
Abstract:
State tax collections are at their weakest in five years, with one key revenue source -- sales taxes -- showing no growth in the first quarter of 2008. Continued slowing in the economy means further declines in tax revenues can be expected. The result: Governors and legislators who have just completed action on 2008-09 fiscal plans are likely to face the need to make budget cuts in the months ahead.