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State Tax Revenues See Third Consecutive Double-Digit Drop

State Tax Revenues See Third Consecutive Double-Digit Drop

The Rockefeller Institute’s Lucy Dadayan and Donald J. Boyd write: (emphasis added)

Tax collections nationwide declined by 10.9 percent during the third quarter of 2009, the third consecutive quarter during which tax revenues fell by double-digit percentages, according to the latest report from the Rockefeller Institute of Government.

Combining current data with comparable historical figures from the U.S. Census Bureau, the Institute reported that the first three quarters of 2009 marked the largest decline in state tax collections at least since 1963.

For the fourth quarter of 2009, early data showed continuing declines, although the negative trend of the past year appeared to be moderating.

Overall, 48 states saw tax collections fall during the third quarter of 2009, with 22 states experiencing a double-digit percentage decline. During the previous quarter, 36 states saw a double-digit decline, suggesting some moderation during the most recent quarter.

Full report here. (pdf file)

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