May 17, 2010

UNEXPECTEDLY! States’ Tax Collections Falter, Widening Budget Gaps. “April tax collections are falling short of forecasts and even dropping below last year’s depressed levels in a number of states, complicating budget troubles and prompting some governors to dip into rainy-day funds. . . . April is the biggest revenue month for many states because it is when they collect a large portion of income taxes. The month’s collections came up short of expectations in California by 26.4%, or $3.6 billion; in Pennsylvania by 11.8%, or $390.1 million; and in Kansas by 10.2%, or $65.3 million. More states will report in the next few weeks.”

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