State Tax Decline in Early 2009 Was the Sharpest on Record

Source: Donald J. Boyd and Lucy Dadayan, Nelson A. Rockefeller Institute of Government, State Revenue Report, No. 76, July 2009

State tax collections during the first quarter of 2009 showed the sharpest decline on record, dropping 11.7 percent overall, according to a new Rockefeller Institute report. The decline in personal income tax was particularly sharp, with an unprecedented decline of 17.5 percent, as the weakened economy continued to hammer state budgets. Forty-five of the 50 states experienced revenue drop-offs. Early figures for the second quarter reveal continued, broad worsening of fiscal conditions for states. Local tax revenue, meanwhile, remains relatively steady.
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