State Tax Revenue Drops

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State Tax Revenue in U.S. Drops Most Since 1963, Study Says

Jan. 7 (Bloomberg) -- U.S. state tax collections fell the most in 46 years in the first three quarters of 2009 as the recession shrank revenue from sources including personal income, the Nelson A. Rockefeller Institute of Government said.

Revenue dropped 13.3 percent, or $80 billion, compared with the same nine months of 2008, to $523 billion, the institute said. Collections in the third quarter alone sank 10.9 percent to about $162 billion, according to the report released today by the Albany-based body. It was the fourth straight quarterly decline. The institute is the public policy research arm of the State University of New York.

“The first three quarters of 2009 were the worst on record for states in terms of the decline in overall state tax collections, as well as the change in personal income and sales tax collections,” Rockefeller analysts Lucy Dadayan andDonald J. Boyd wrote in the report. The institute explores ways to help state and federal governments work better.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a5OM27Cn39Yk

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