Research Report State Revenue Responses to Fiscal Shortfalls
Kim S. Rueben, Ritadhi Chakravarti
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The current economic downturn has resulted in a sharp decline in state tax revenues. Forty-six states faced budget shortfalls when passing their fiscal year (FY) 2011 budgets, and 17 states reported shortfalls of more than 20 percent. According to the National Association of State Budget Officers, in tandem with budget cuts, 40 states enacted legislation to raise tax revenues in some form between fiscal years 2009 and 2011.
Research Areas Economic mobility and inequality Taxes and budgets State and local finance
Tags Fiscal policy State and local tax issues