States are getting pounded by the economy, with tax collection revenues in the third quarter among the worst in years, according to a new report.

The Center on Budget and Policy Priorities noted that state revenue collection has been slowing down for at least a year, but the new figures indicate steep declines in revenue across a variety of taxes in states from all parts of the country. Of the 15 states surveyed in the report, the median state experienced a 5.5 percent decline in total tax revenue after adjusting for inflation. Only Michigan, which enacted a major tax increase, experienced revenue growth. Meanwhile, revenues in all the other states declined.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access