Bailout

Report: State Personal Income Tax Cliff Diving

By Anonymous

State income-tax revenue fell 26% in the first four months of 2009 compared to the same period last year, according to a survey of states by the nonprofit Nelson A. Rockefeller Institute of Government.

The report ... is one of the most up-to-date measures of how deep the recession is digging into Americans' wallets and, consequently, state coffers.
...
The time span notably includes the April 15 deadline for filing taxes, a critical time for states to collect revenues.

And a couple of graphs:

Click on graph for larger image in new window

The first graph, from the Nelson A. Rockefeller Institute of Government report, compares the first four months of 2009 to the first four months of 2008, and also compares April 2009 to April 2008 for eight regions. Note that the YoY change for April is worse in all regions than the first four month comparison.

The second graph is the four month comparison of each state (four states had no data).

California isn't the worst, but the state relies heavily on income taxes.

Arizona is just getting crushed - and the pain is widespread.

Full post as published by Calculated Risk on June 18, 2009 (boomark / email).