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States Begin Effort To Simplify Tax Law Patchwork
Are marshmallows food or candy? Although the average grocery shopper probably never gave it a thought and could care less, how state governments end up defining marshmallows and a host of other everyday items could have a sweeping effect on consumers and retailers. Thirty-two states are participating in an ambitious plan to simplify their sales […]
Rainy Day Funds Eyed By Cash-Strapped States
When Democratic Iowa Gov. Tom Vilsack proposed using $120 million — roughly half — of the state’s “Economic Emergency Fund” to help balance the budget, his opponents wanted to know: What’s the emergency? “In my own mind, I would have a tough time justifying it as an economic emergency,” said Senate Majority Leader Stewart Iverson […]
States Face Budget Cuts As Economies Slump
For nearly a decade, state legislators had an easy job deciding how to spend because they were riding a wave of unprecedented surpluses. But this year, coming up with a budget could be turbulent because many states must cut expenses. Despite a sagging economy, most states are required by constitution or statute to balance their […]
States See Fourth Quarter Tax Revenue Slowdown
States had a prosperous year overall in 2000 with record surpluses and tax revenue growth. But there were signs of weakening economies in many states as the year drew to a close, and a new report suggests a major slowdown in tax collections could just be the tip of the iceberg. Tax collections grew by […]
Federal Estate Tax Repeal Would Affect States
The inheritance or estate tax — derided by foes as the “death tax” — could become a casualty of President George W. Bush’s $1.6 trillion tax cut program. Repeal of the tax would directly affect 35 states that rely on the federal estate tax law to collect some revenue, and the other 15 would also […]
Fewer States On Course to Meet Fiscal Targets
The National Conference of State Legislatures (NCSL) last month suddenly revised a mostly optimistic report on the fiscal condition of all 50 states after it recognized that tax receipts for November and December showed fewer states were on track to meet budget expectations. The economies of several states have taken a turn for the worse, […]
Governors Promote ‘Fiscal Restraint’ in Writing State Budgets
In their State of the State addresses this year, many of the nation’s governors called for “fiscal restraint,” reflecting that a cooling economy, smaller revenues and greater health care expenses have created an uncertain financial picture in many states. Holding the line on spending — after years of enjoying a fruitful economy — is a […]
States See Revenue Surge in FY 2000
State tax revenue grew by a record-setting 8.7 percent last year and would have grown by 9.4 percent if there had been no changes in tax rates, tax bases and acceleration of tax payments, a new study says. The revenue surge was the fastest rate of growth in the past decade and was stronger than […]
Alaska’s Treasure Chest Becomes Debate Topic
Death and taxes – plus an annual check from the state. These are the guarantees in life shared by more than 596,000 Alaskans. Thanks to the creation of the country’s most unique public program 24 years ago – perhaps the state’s most far-sighted move ever – every man, woman and child who has lived in […]