Sunday, January 10, 2010

State tax collections drop 11% nationally

The Albany Business Journal reported that a new report reveals New York and states across the nation have suffered the worst decline in tax revenue in more than four decades.

State tax collections dropped 11 percent from July to September 2009, the latest data available, according to the Rockefeller Institute of Government. The Albany-based research group is the public policy wing of the State University of New York system.

The first three quarters of 2009 marked the largest drop in state tax collections since at least 1963, the institute’s Jan. 7 report found. Early data for the fourth quarter of 2009 shows continued declines, though seemingly more moderate than what was experienced earlier in the recession.

New York is one of 28 state economies that, as of November, was continuing to decline, the report said. The findings were based on an index measuring unemployment, sales tax collections, private-sector employment and average weekly hours worked by manufacturing employees. Read more here.

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