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1 Sumeet Sagoo, State Tax Collections and Rates: Recession and September 11th Combine to Send FY 2002 State Tax Collections down by 4.7 Percent 1 (2004)

handle is hein.taxfoundation/srbcixz0001 and id is 1 raw text is: March 2004
No. 128

For most states, fiscal year 2002 stretched from
July 2001 through June 2002, a period that saw
a significant economic slowdown and the
substantial economic repercussions of the
September 11lth attacks. The economic slow-
down and recession in FY 2002 had a profound
effect on state tax collections, with collections
from taxes on individual and corporate income
suffering the most significant losses.

Although some states refrained from raising taxes
when their taxpayers were struggling through a
recession, some states responded to the drop in
revenue with tax hikes. State tax increases for FY
2003 were estimated at $8.3 billion. However,
revenue collections fell far short of their initial
estimates in fiscal year 2003. States saw widening
gaps between planned expenditure and the rev-
enue required to fund this spending. As for FY

Figure I
Total State Tax Collections, Fiscal Years 1992-2002
Current Dollars and Constant 2002 Dollars in Billions
$ 600

Current Dollars
Constant 2002 Dollars

1992         1993        1994        1995        1996        1997
Fiscal Year

1998        1999       2000        2001

Source. Department of Commerce, Bureau of the Census

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0

$ 500
$ 400
$ 300
$ 200
$100
0

2002

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