State tax revenues

The stop-and-go 2020 legislative session left some lawmakers feeling there is unfinished business in Sacramento.

Proposition 19 would change key aspects of the landmark Prop 13.

One example of the growth of the industry is the nearly tenfold increase in Colorado’s marijuana tax revenue to $250.7 million in 2018 from $25.3 million in 2014.

Michigan now pegs its three year coronavirus-related revenue losses at $5 billion but cautions that much remains unknown heading into 2021.

State economists project Florida will lose $5.4 billion of general revenues over the next two years, partly from reduced sales and lack of tourism.

State revenues for fiscal 2020 came in 5.7% lower than Florida forecasters anticipated because of business disruptions caused by the COVID-19 pandemic.

The revenue forecast for Virginia’s new spending plan is expected to be revised due to economic impacts caused by the pandemic.

With about two weeks before the fiscal 2021 starts, the Florida Legislature still hasn't submitted a budget to Gov. Ron DeSantis.

The Volunteer State reported a nearly 16% decline in revenues in April, much of which was due to stay-at-home orders and delayed tax filings.

Most of the state revenue loss came from $599 million in lower-than-estimated state sales tax collections, which support 79% of Florida’s budget.

The policy case for federal support is strong: in the coronavirus era, the U.S. is looking at an emergency that is the equivalent of 50 states worth of hurricanes, fires and floods, lasting more than two years, with a very slow economic rebound.

State lawmakers passed a continuing resolution, and expect to return to Columbia in September to complete work on a budget for fiscal 2021, which begins July 1.

Signs of an economic downturn appeared in April revenue collections, said Tennessee's Finance and Administration Commissioner Butch Eley.

The loss of $1.03 billion in revenues prompted state lawmakers to ask congressional delegates to support a $500 billion relief package for states.

With tax revenues plummeting, one additional solution policymakers could consider would throw state and local governments a revenue lifeline: uncapping and funding the Community Disaster Loan program.

When April data becomes available in about a month, it is expected to beging showing the full force of the shutdown of nationwide economic activity.

The worst is yet to come from the coronavirus pandemic, said the commonwealth's revenue secretary, Dan Hassell.

Gov. J.B. Pritzker said the state can afford to keep paying for critical services as the coronavirus toll mounts.

The Department of Finance told department heads it will be re-evaluating budget requests under a workload budget scenario.

Lawmakers return to the state capital to formally approve the budget Thursday amid concerns over the novel coronavirus outbreak.