May 14, 2009 Tax Revenue Down in 45 States
Yesterday the Rockefeller Institute released their state flash revenue report. It isn’t surprising that tax revenue is down across the county (it is actually surprising that it is up in two states — Iowa and South Dakota). The compares tax revenue for each state for the first quarter of 2009 (January to March). The good news for Utah is personal income tax revenue is doing much better than many states (Utah’s PIT is up 11.7% compared to PIT down 15% in Colorado and down 21% in Idaho).
Utah’s sales tax decline however is one of the largest declines in the nation. Utah’s sales tax during the first quarter of 2009 is down 11.1% which ranks as the 8th largest sales tax decline (see the chart below). You can read the full report here: Personal Income Tax Declined Sharply in the First Quarter (Rockefeller Institute)