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Tax Policy Center Reports on COVID-19 State Tax Revenue Projections

Dated July 7, 2020

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.

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