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Friday, December 19, 2008

State Revenue Down in Q3... Just Wait til Q4

Rockefeller Institute details:
State tax collections continued their downward trend in the July-September quarter, according to preliminary data the Rockefeller Institute of Government gathered from 42 states. Total taxrevenue for these states was essentially flat, rising by 0.1 percent over the same quarter last year. That rate of change was down sharply from the 50-state growth rate of 3.6 percent in the April-June quarter, and 17 states reported declines in total tax revenues from the same quarter of 2007. After adjusting for economy-wide inflation of 2.7 percent, real tax revenue declined by 2.6 percent nationally and was down in 31 of the 42 states.