Tax Policy Center Reports on COVID-19 State Tax Revenue Projections
Citations: COVID-19 Pandemic Could Slash 2020-21 State Revenues By $200 Billion
SUMMARY BY TAX ANALYSTS
The Tax Policy Center reported that because of COVID-19 disruptions, total state tax revenue shortfalls for all 50 states will be $75 billion and $125 billion in fiscal 2020 and fiscal 2021, respectively, with drops in personal income tax, general sales tax, and corporate income tax leading the decline.