State Budget Update: Revenue Shortfalls Grow = New Taxes On the Way

Posted by accountingweb on Oct 14 2009 1476 printer friendly

Due to the economic conditions in which states are operating, states are cutting budgets and attempting to generate new revenues.

Back in July 2009, the National Conference of State Legislatures (NCSL) released its State Budget Update: July 2009. The report showed states are projecting a cumulative shortfall of $142.6 billion for FY 2010, which is likely to grow during the course of the fiscal year.

The NCSL has compiled a series of tables that document the measures, both proposed and enacted, that states are taking to close their budget gaps. The tables are based on data collected from various media and government outlets.

Note: As of September 11, 48 states have finalized their budgets with an additional 2 legislatures in the process of finalizing their budgets after the start of the new fiscal year (Michigan's fiscal year does not begin until October 1).

The Washington Times also published an ARTICLE on September 28, 2009 discussing actions states are taking in response to the financial crisis.

How are you being affected by the actions states are taking?Have you been "hit" by new taxes?Are new "nexus" laws causing your company to consider filing returns in states you have not filed in before?

View the discussion thread.

This blog

State and Local Tax 360˚

My name is Brian Strahle and I hope you find this blog informative and useful. I am a multistate tax consultant and I serve clients across the U.S. from my office in Washington D.C. For more info, visit my website: www.leveragestateandlocaltax.com

If you are a CFO, Controller or an accounting firm or law firm professional in need of multistate tax assistance, please read WHY CONTACT ME?.

Connect with me on LinkedIn. Follow me on Twitter. Join the Leverage | SALT LinkedIn Group, connect and contribute with your colleagues!

Because state and local taxes are deceptively simple and endlessly complicated.

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