State taxes

The house debated for 26 hours straight before approving the millionaires tax.

As fuel prices ratchet up due to the Iran war, two states are already exploring suspending their fuel tax which would take a bite out of tax revenue and possibly lead to future bond sales.

Such a bank would be a "revolving financing tool that allows us to stretch dollars further, leverage federal programs without surrendering control, and deliver more projects without raising taxes," Gov. Jeff Landry said. 

Oregon lawmakers balanced the state budget in an intense short session with debates over sports subsidies, transportation cuts and federal income tax conformity.

California voters face roster of massive measures, headlined by high-stakes billionaire tax battle.

Experts looking at the oncoming effects of the One Big Beautiful Bill Act predict that states may have to raise taxes on the wealthy or corporations to compensate for rising Medicaid costs.

Washington Gov. Bob Ferguson, who has lobbied for a wealth tax, told lawmakers their draft proposal needs work.

The state's government now expects general fund revenues to decline 2.3% in the current fiscal year from the previous fiscal year.

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."

After years of surplus from COVID-19 related stimulus, state tax revenues declined by 6.7% in nominal terms and 9.4% in real terms in June when compared with a year prior.

State economists announced during a forecast presentation to lawmakers that taxpayers will see a record "kicker" rebate when they file next year's taxes.