Tax Policy Center Reports on Second-Quarter 2020 Revenue Shortfalls

The Urban-Brookings Tax Policy Center published its state tax and economic review for the second quarter of 2020, finding that state and local tax revenues from personal income, corporate income, sales, and property taxes were 18 percent lower than in the same period in 2019; the decline is attributable to a portion of 2019 income tax revenue being received in third-quarter 2020 because most states extended the income tax filing and payment deadline to July 15 in light of COVID-19.