Sunday, May 17, 2009

State Tax Revenues Plummeted in First Quarter

State tax collections plummeted in the first quarter of 2009, with almost every state showing a decline from a year earlier, according to the Rockefeller Institute's latest state revenue "flash" report, released this week. The bulk of the decline came from a 15.8 percent drop in personal income tax revenue. Further deterioration in state revenues is likely to occur in coming months, according to the report.

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