Projected Tax Growth in Fiscal Year 2013

 



Speaker
Todd Haggerty,
NCSL Budget and Tax Program

Overview

Fiscal year (FY) 2013 marks the third consecutive year that state officials are forecasting state tax growth compared with the previous fiscal year. Despite this positive development, the robust return of state tax collections that typified previous economic recoveries remains elusive. According to the Nelson A. Rockefeller Institute of Government, following five quarters of declines brought on by the Great Recession, total state tax collections have risen for 10  consecutive quarters (since the first quarter of 2010). Growth, however, has slowed in the last four. Overall, the state revenue situation continues to improve, albeit at a leisurely pace.
 

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