Fiscal year (FY) 2015 marks the fifth consecutive year in which state officials are forecasting state tax growth compared with the previous fiscal year. This reflects the slow and steady revenue growth most states have experienced since FY 2010—the collective revenue trough of the Great Recession.
As revenues have recovered and spending has stabilized, lawmakers in a number of states have cut taxes. The revenue impact is revealed in modest growth projections or anticipated declines in several tax categories.
This brief presents a summary of the projected FY 2015 growth for total state tax collections as well as personal income, sales, corporate income severance, real estate transfer and miscellaneous taxes. The information is based on a survey of legislative fiscal offices in the 50 states in the summer of 2014.
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