States Ended Fiscal 2015 on Strong Note; 2016 Forecasts Less So
GFOA Newsletter, December 10, 2015
State tax revenues grew by 6.8% in the second quarter of 2015, the final quarter of the fiscal year for 46 states, according to the most recent State Revenue Report of the Nelson A. Rockefeller Institute of Government. Personal income tax grew by 14.2%, driven by strong payments with final returns up 20%, and estimated taxes up 18.2%. This trend is not expected to continue, according to the report, as this year’s revenue figures were bolstered by the strong stock market of 2014.