State taxes

Political change in Washington and the looming budget battle is raising anxiety in state legislatures.

Nearly six thousand seats are up for grabs in state tilts, along with 14 bond issues.

As the economy normalizes, state revenues are shrinking

Florida's official outlook indicates the state government faces a $10 billion deficit by mid-2028 without major tax and spending changes.

States' January revenues were down from a year earlier.

The state's February general revenue collections came in $30.62 million below official estimates. but total collections for fiscal 2024 are $428.1 million ahead of forecasts.

Analysts say states can avoid short-term issues as a result of strong reserves but some may face challenges over the longer term.

The state asked the U.S. Supreme Court to deny a request to hear arguments seeking to overturn a capital gains tax expected to bring in $500 million annually.

Large reserves will insulate states against downgrades in the near future, one rating agency says.

The U.S. Court of Appeals for the Eleventh Circuit denied Treasury's motion for en banc review following its January panel decision that rendered the American Rescue Plan Act's Offset Provision "unconstitutionally unascertainable."