State Tax Revenue Off Nearly 20% This Spring vs. Last Year

From the Rockefeller Institute:

The January-March quarter was the worst on
record for states. The worst decline in sales tax in
50 years represents historic weakness in one of
the two major tax sources for states. Preliminary
data for the April-June quarter suggest that fiscal
conditions deteriorated even further, and the second
major tax source for states—the income tax
—weakened dramatically.With data for April
and May now available for 45 states, tax revenue
for the two months combined has declined by
nearly 20 percent versus the same period last
year. Nearly 97 percent of states reporting personal
income tax data had a year-over-year decline,
with a median decline of 33.2 percent,
while 95 percent of states reporting sales data
had a year-over-year decline, with a median decline of
10 percent.

Just in case the ECRI post (see below) leaves you feeling too optimistic.

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