States’ personal income-tax revenue fell 7.1 percent in January and February from the same period in 2009, and there is a risk the slide will extend into this quarter...
Tax revenue likely declined for a record sixth straight quarter in the first three months of the year, the institute’s deputy director, Robert Ward, said in congressional testimony on April 15.
Lawmakers have struggled with three consecutive years of revenue shortage, Urahn said. They closed $117 billion in cumulative budget deficits last year and are estimated by Pew to face $146 billion of gaps this year, she said.
“Given the long-term ramifications of what’s going on, we could be looking at malaise through these state budgets for three to four years,” said LaRosa, who helps manage $4.5 billion in municipal bonds.
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