Friday, July 17, 2009

Report: Record Drop in State Tax Revenues

by Bill McBride on 7/17/2009 08:08:00 PM

No surprise ...

From the NY Times: State Tax Revenues at Record Low, Rockefeller Institute Finds (ht Ann)

The anemic economy decimated state tax collections during the first three months of the year ... The drop in revenues was the steepest in the 46 years that quarterly data has been available.

Over all, the report found that state tax collections dropped 11.7 percent in the first three months of 2009, compared with the same period last year.
All the major sources of state tax revenue — sales taxes, personal income taxes and corporate income taxes — took serious blows ...
Here is the report: State Tax Decline in Early 2009 Was the Sharpest on Record

And it looks much worse in Q2:
Early figures for April and May of 2009 show an overall decline of nearly 20 percent for total taxes, a further dramatic worsening of fiscal conditions nationwide.
Note: an earlier report was on state pesonal income taxes - this is all state taxes.