State Budget and Tax News feed http://www.cbpp.org/topic/?fa=topic&id=40 en-us Copyright 2008 Center on Budget and Policy Priorities. All rights reserved. Thu, 23 Jul 2009 18:00:02 GMT http://blogs.law.harvard.edu/tech/rss Summary The inability to collect all sales taxes that are legally due on purchases made over the Internet costs states billions of dollars a year in lost revenue. In 2008, New York State enacted an innovative law that helps to address this problem. Rhode Island adopted a similar measure this year. All states with sales taxes should give serious consideration to doing so as well. New York and Rhode Island’s new laws are directed toward online retailers that are located … http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/avYi2JBP640/ http://www.cbpp.org/cms/?fa=view&id=2876 Thu, 23 Jul 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2876 .style1 { text-align: left; } .style2 { margin-top: 0; margin-bottom: 0; } .style3 { margin-top: 0; margin-bottom: 0; text-align: center; } .style4 { margin-top: 0; margin-bottom: 0; text-align: left; } .style5 { text-align: center; } Colorado’s Taxpayer Bill of Rights, or TABOR, is a constitutional amendment passed in 1992 that places strict revenue and spending limits on state and local government. The evidence strongly suggests that TABOR has … http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/S4Mu5PSlimE/ http://www.cbpp.org/cms/?fa=view&id=1905 Thu, 02 Jul 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=1905 Some critics of the economic recovery law (or “stimulus” bill) that President Obama and Congress enacted early this year are mischaracterizing how it was supposed to work and what it was supposed to do. For instance, some critics complain that, because unemployment has risen in recent months, the law is not working. Others claim that states are improperly using the money to close budget shortfalls or finance short-term projects. These and a number of other … http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/KdXhzBhgjVo/ http://www.cbpp.org/cms/?fa=view&id=2870 Fri, 10 Jul 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2870 Two major misconceptions about how state governments are using funds from the economic recovery law that President Obama and Congress enacted early this year are contributing to a broader misunderstanding about whether the law is, in fact, helping the U.S. economy. Evidence that includes a major new report from the Government Accountability Office (GAO) shows that — contrary to these myths — states are using the funds as intended. These funds will help the … http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/WpBwBWKD-4A/ http://www.cbpp.org/cms/?fa=view&id=2868 Thu, 09 Jul 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2868 http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/3V7tJhFo_VU/ http://www.cbpp.org/cms/?fa=view&id=2860 Sun, 05 Jul 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2860 http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/6-smtn0W1gI/ http://www.cbpp.org/cms/?fa=view&id=2858 Thu, 02 Jul 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2858 http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/JaYpkTqRlfM/ http://www.cbpp.org/cms/?fa=view&id=2857 Thu, 02 Jul 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2857 http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/RRovoGHbYZY/ http://www.cbpp.org/cms/?fa=view&id=2856 Wed, 01 Jul 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2856 The 2010 fiscal year begins for most states July 1. It brings an austere continuation of recession-driven cuts in essential services and poor prospects for improvement through 2011, according to a series of updated reports on state budget conditions issued today by the Center on Budget and Policy Priorities. The reports include new data on state budgets showing that: The total shortfall for fiscal year 2010 — including gaps that have been addressed … http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/EtAvPLCvRZ0/ http://www.cbpp.org/cms/?fa=view&id=2853 Mon, 29 Jun 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2853 The 2010 fiscal year begins for most states July 1. It brings an austere continuation of recession-driven cuts in essential services and poor prospects for improvement through 2011, according to a series of updated reports on state budget conditions issued today by the Center on Budget and Policy Priorities. The reports include new data on state budgets showing that: The total shortfall for fiscal year 2010 — including gaps that have been addressed … http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/EtAvPLCvRZ0/ http://www.cbpp.org/cms/?fa=view&id=2853 Mon, 29 Jun 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2853 http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/ixqp1eSwLmc/ http://www.cbpp.org/cms/?fa=view&id=2852 Thu, 25 Jun 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2852 http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/m7yW4Hcsmig/ http://www.cbpp.org/cms/?fa=view&id=2846 Mon, 22 Jun 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2846 The examples of New York and Virginia — two major (but very different) states, both facing significant budgetary challenges — suggest that the state fiscal assistance in the economic recovery legislation is having its intended effect. It is enabling states to balance their budgets with fewer cuts in public services that would harm residents and further slow the economy. The actions by these two states, as well as … http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/thK5zhXjSWI/ http://www.cbpp.org/cms/?fa=view&id=2831 Tue, 26 May 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2831 “The Center on Budget  estimates that in 2010 47 states will face deficits totaling $145 billion.” http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/do2avbwxvbo/ http://www.cbpp.org/cms/?fa=view&id=2825 Fri, 22 May 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2825 “…A study from the Center on Budget and Policy Priorities reveals 47 of the 50 states are facing substantial budget gaps this year…. All told, the states are nearly $60 billion in the hole for 2009. Next year, the gap will grow to $133 billion. Experts say it won't get better at any time soon. Elizabeth McNichol: “We know from past recessions, which were milder, that even once the recession ends, state revenues remain depressed for two or three years.… http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/Gt0-_87_BjI/ http://www.cbpp.org/cms/?fa=view&id=2826 Fri, 22 May 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2826 “The Center on Budget and Policy Priorities argues, ‘Listen, cutting services is even more painful for lower-income families than raising taxes.’ They also say those tax increases can target the wealthy. And that’s exactly what we’re seeing…” http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/oWmS9tRDe1g/ http://www.cbpp.org/cms/?fa=view&id=2827 Fri, 22 May 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2827 States could lose up to $5.5 billion in business income tax revenues over the next three years as a result of a little-known provision in the federal economic recovery package enacted in February. States can, however, easily avoid this revenue loss by making offsetting changes in their tax laws. For states to allow this unnecessary revenue loss makes little sense given their current fiscal conditions. State revenues have … http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/PjYwxgr-86o/ http://www.cbpp.org/cms/?fa=view&id=2820 Tue, 19 May 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2820 The current recession has taken a heavy toll on states’ ability to meet public needs. The combination of declining revenues and increasing demand for services has created budget shortfalls in 47 states. To begin closing the gaps between the cost of programs and the amount of money available to pay for them, so far at least 34 states have cut services to families and individuals, including services that benefit … http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/E1W99NgfD-E/ http://www.cbpp.org/cms/?fa=view&id=2815 Wed, 13 May 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2815 As tax revenues continue to fall dramatically, making a prolonged budget crisis likely, more states are raising revenues, or considering doing so, to help maintain important services, according to one of a series of updated reports on state budget conditions that the Center on Budget and Policy Priorities issued today. Sixteen states have enacted tax increases in 2009 in response to the recession, … http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/nEFcT8bERHQ/ http://www.cbpp.org/cms/?fa=view&id=2816 Wed, 13 May 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2816 Given the budget problems states face due to the recession, policymakers will confront important choices about how to pay for important government services and programs. To inform this crucial decision making, it is useful to examine where state tax dollars go as well as changing trends over time. http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/i95CCQ4LkhY/ http://www.cbpp.org/cms/?fa=view&id=2805 Wed, 06 May 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2805 As states face increasingly difficult choices for closing the gap between available resources and the cost of needed programs and services, one potential revenue source can be found at the high end of the income tax spectrum. The personal income tax, a major source of revenue for 41 states, can yield a significant amount of money from small rate increases that involve a relatively low number of taxpayers — … http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/BeRPCSv1ZHQ/ http://www.cbpp.org/cms/?fa=view&id=2792 Mon, 20 Apr 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2792 Given the budget problems states face due to the recession, policymakers will confront important choices about how to pay for important government services and programs. To inform this crucial decision making, it is useful to examine where state tax dollars go as well as changing trends over time. In total, the 50 states and the District of Columbia spent a little more than $1 trillion in state revenues in fiscal year 2007, … http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/LdAL9XpZf-k/ http://www.cbpp.org/cms/?fa=view&id=2783 Mon, 13 Apr 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2783 Executive Summary Each year states spend tens, maybe hundreds, of billions of dollars on “tax expenditures.” Tax expenditures are tax credits, deductions, and exemptions that reduce state revenue. They can include everything from poverty-reducing tax credits, to middle-class benefits, to corporate subsidies. Tax expenditures cost state treasuries money in much the same way as direct spending for schools, health care, or road construction. And like direct … http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/4chW_KzA9YU/ http://www.cbpp.org/cms/?fa=view&id=2772 Thu, 09 Apr 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2772 Nineteen states impose only nominal taxes on businesses organized as subchapter S Corporations (S-Corps) or Limited Liability Companies (LLCs) even though these entities — which generate about one-fourth of all business receipts — benefit from state services just as businesses that are subject to state corporate income taxes do.In addition, many of the states that do impose meaningful taxes on S-Corps and LLCs would benefit by updating their tax laws in this area, such … http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/3DHEYqt6ZmY/ http://www.cbpp.org/cms/?fa=view&id=2771 Wed, 08 Apr 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2771 Each year, the Tax Foundation releases a report projecting “Tax Freedom Day,” which it describes as the day when Americans will have “earned enough money to pay this year’s tax obligations at the federal, state, and local levels.” [1] The Tax Foundation’s “Tax Freedom Day” report is plagued by two major problems. First, its estimates of state and local tax burdens suffer from a number of … http://feedproxy.google.com/~r/CBPP-StateBudgetAndTax/~3/bU0ajEn4jO0/ http://www.cbpp.org/cms/?fa=view&id=2753 Tue, 31 Mar 2009 00:00:00 -0400 http://www.cbpp.org/cms/?fa=view&id=2753