News

Understanding State Budget Gaps

By Kathryn White posted 11-14-2025
What does it mean when a state has a budget gap? With state and territory fiscal conditions tightening, it is important to remember the various ways the term may be used and what it does and doesn’t mean. ...
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Disaster-Related Tax Extensions Can Pose Challenges for States

By Brian Sigritz posted 11-12-2025
Disasters pose many challenges for states including the immediate response and long-term recovery. Disaster-related tax extensions provide relief for impacted taxpayers, but may present additional hurdles ...
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Despite Slow Growth, FY25 Revenue Mostly Exceeded Forecasts

By Brian Sigritz posted 08-05-2025
Newly released end-of-year revenue totals indicate states largely saw a third consecutive year of slow growth in tax collections in fiscal 2025. Despite modest gains in revenue collections, most states ...
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States Finalize Fiscal 2026 Budgets Amid Tightening Conditions

By Brian Sigritz posted 07-01-2025
Update: As of July 4, four states have yet to enact a full-year budget for fiscal 2026 (MI, NC, OR, and PA). As of July 1, 44 states have enacted a full-year budget for fiscal 2026, while in several ...
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Through April, States Maintain Slow Revenue Growth for Fiscal 2025

By Brian Sigritz posted 06-02-2025
Early indications are most states and territories continued to see slow revenue growth through April, the tenth month of fiscal 2025 for most states (46 states will end their fiscal year on June 30th) ...
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States’ Revenue Forecasts Mostly Revised Down Over Recent Months

By Brian Sigritz posted 05-06-2025
As states work to finalize their budgets for fiscal 2026, many have published revised revenue forecasts, with most having revised estimates downward. A number of revenue forecasts discussed heightened ...
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Governors Recommend a Wide Variety of Tax Changes for Fiscal 2026

By Brian Sigritz posted 04-01-2025
In their State of the State addresses and budget proposals, governors have recommended a wide range of tax policy changes aimed both at providing tax relief and generating additional revenue through targeted ...
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The Impact of Surplus Funds on State Budgets in Recent Years

By Kathryn White posted 03-11-2025
The COVID-19 pandemic ushered in an atypical period for state and territory budgets marked by record-breaking revenue growth, unprecedented levels of surplus funds, and a sharp uptick in one-time expenditures. ...
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Governors Highlight Plans to Expand Childcare Access and Lower Costs

By Brian Sigritz posted 03-04-2025
Through February, 44 governors from states and territories have delivered a State of the State speech, while 49 have proposed a new budget for fiscal 2026. NASBO is continuing to publish state-by-state ...
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Governors Emphasize Affordability in Addresses and Budgets

By Brian Sigritz posted 02-06-2025
Through January, 33 governors have delivered a State of the State speech, while 32 have proposed a new budget for fiscal 2026. NASBO has b een publishing state-by-state summaries of both State of the ...
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New Report Highlights Key Differences Between State and Federal Fiscal Processes

By Kathryn White posted 09-30-2024
What are the key characteristics of state budgeting and how do they contrast with federal budget practices? How do the fiscal roles of federal, state, and local governments vary and interact in our federalism ...
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Most States End Fiscal 2024 Near Revenue Forecast

By Brian Sigritz posted 08-07-2024
Despite minimal growth in tax collections in fiscal 2024, most states ended the year near their revenue forecast based on newly released end-of-year revenue totals. Comparing actual collections to forecasts ...
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States Finalize Fiscal 2025 Budgets

By Brian Sigritz posted 06-28-2024
As of July 29, all 50 states have enacted a full-year budget for fiscal 2025. State fiscal conditions are continuing to return to a more normal budget environment in which new money is limited and revenue ...
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Few April Surprises as Revenues Stabilize

By Brian Sigritz posted 05-23-2024
Early indications are most states saw revenues near forecasted levels in April (April represents the largest month for tax collections for income tax states due to the tax filing deadline). As expected, ...
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January State of the State Speeches Highlight Improved Conditions and Remaining Challenges

By Brian Sigritz posted 02-07-2024
Overview Through January, governors from 31 states and territories have delivered a State of the State address. In their speeches most governors reported the state of their state is strong, with several ...
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Treasury Releases Updated SLFRF Reporting Data Through June 30, 2023

By Kathryn White posted 10-19-2023
In a blog last month , NASBO analyzed data published by Treasury based on quarterly project and expenditure (P&E) reports submitted by Coronavirus State and Local Fiscal Recovery Fund (SLFRF) recipients. ...
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States and Territories Continue Progress in Spending Recovery Funds

By Kathryn White posted 09-06-2023
The Coronavirus State and Local Fiscal Recovery Funds (SLFRF), authorized by the American Rescue Plan Act of 2021 (ARPA), allocated $195.3 billion for states and the District of Columbia and ...
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Most States End Fiscal 2023 with a Budget Surplus as Revenues Exceed Forecasts

By Brian Sigritz posted 08-01-2023
Most states ended fiscal 2023 with a budget surplus as tax collections once again came in above projections. Entering fiscal 2023, states assumed smaller revenue levels following double-digit growth in ...
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States Finalize Fiscal 2024 Budgets

By Brian Sigritz posted 06-30-2023
As of July 5th, 45 states have enacted a full-year budget for fiscal 2024. Overall, states remain in a strong fiscal position as they enter fiscal 2024. According to NASBO’s Spring 2023 Fiscal Survey ...
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April Tax Collections Slow from Record Highs

By Brian Sigritz posted 05-23-2023
Early indications are most states saw declines in April tax collections compared to April 2022 (April represents the largest month for tax collections due to the tax filing deadline). The revenue slowdown ...
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