Taxes & Revenue

 

Information regarding state tax policy and recent revenue performance. State revenue is generated through a variety of sources, including both general fund taxes and other taxes and fees earmarked for special purposes or specific funds. Personal income and sales taxes comprise nearly 75 percent of general fund revenue.  State revenues have begun to recover from the economic downturn, although forecasted fiscal 2012 revenue collections remain well below peak levels witnessed in fiscal 2008.

Staff Contact: Brian Sigritz

NASBO Publications

  • Although state fiscal conditions continue their slow improvement in fiscal 2012, they are likely to remain constrained due to the lack of a strong national economic recovery and the withdrawal of Recovery Act funds. This slow improvement in state finances is highlighted by the 38 states that reported general fund spending growth in 2011 and the 43 states that reported spending growth for 2012. However, 29 states still have lower general fund spending in fiscal 2012 compared to the pre-recession levels of fiscal 2008.
  • Budget Processes in the States highlights key budget issues, demonstrating the diversity in state budgeting practices. The budget process is the arena in which a state determines public priorities by allocating financial resources among competing claims. The report chapters are organized around particular topical areas: the budget cycle, budget requirements, budgeting tools, the budget document, and monitoring the budget. Data for this report were collected from the fifty states during fiscal 2008.