States Brace for Huge Tax Shortfalls

Monday, July 20, 2009 11:47 AM

By: Julie Crawshaw

According to the latest Rockefeller Institute of Government study, the first-quarter drop in state tax revenues is the steepest in 46 years.

Preliminary data for collected from 45 states indicate the second quarter will be even worse.

“The continuing sharp decline in revenues will likely force more unwanted choices for states in the months ahead,â€