A new report details revenue projections for each state, showing that many will have sizable budget shortfalls to close
By Mike Maciag
The outlook for tax revenues in many states isn’t particularly rosy. Tax collections are starting to slow, meaning lawmakers in many states will have sizable budget shortfalls to close.
A Rockefeller Institute report released this week depicts weaker tax revenue growth or slight declines for most states. State personal income tax receipts are expected to grow a median of 4.6 percent in fiscal year 2016 and 4.4 percent in fiscal 2017, compared with 7.8 percent last year. Sales taxes are similarly expected to rise by a median of just 3.5 percent this year and 3.9 percent in fiscal 2017, down from 4.5 percent growth last year.
