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

  • State budgets are expected to continue their trend of moderate growth in fiscal 2015 according to governors’ spending proposals. Consistent year-over-year growth has helped states achieve relative budget stability, but progress remains slow for many states. With each passing year of slow improvement, more and more states are moving beyond recession induced declines and returning to spending and revenue growth. According to executive budgets, general fund spending is projected to increase by 2.9 percent in fiscal 2015.
  • State fiscal conditions are modestly improving in fiscal 2014 with spending and revenues projected to rise above fiscal 2013 levels. Signs of fiscal distress continue to subside, and most states expect revenue and spending growth in fiscal 2014. Tax collections outperformed projections in fiscal 2013, and revenues experienced steady gains in most states. Although revenues are expected to increase in fiscal 2014, states are not projecting a rise in tax collections comparable to the gains in fiscal 2013.

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