Reports by Elizabeth McNichol
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Eliminating Louisiana's Income Tax Will Harm the State's Budget Outlook, Competitiveness
Revised May 12, 2008
On April 29, the Louisiana Senate voted to phase out the state’s income tax over 10 years without proposing any replacement revenues. The House Ways and Means Committee is expected to consider this proposal, along with others that would significantly cut the income tax but not eliminate it, on Monday May 12. The desire to cut … -
Accounting for the Cost of Retiree Health and Other Benefits (GASB 45)
March 11, 2008
New rules issued by the Governmental Accounting Standards Board (GASB) that change the way states account for the future cost of health and other non-pension benefits for retirees will force states to make some hard choices. For the first time, state and local governments must treat the costs of health and other non-pension … -
Economic Data Can be Used to Target State Fiscal Relief Effectively
March 3, 2008
States are experiencing major budget problems; more than half faced or are projecting deficits for the 2009 fiscal year. To meet their balanced budget requirements, many states have had to raise taxes and/or cut expenditures for services such as health care and education — actions that deepen the nation’s economic problems and offset some of … -
Is It Raining Yet? Yes, and It’s Time for Many States To Use Their Rainy Day Funds
February 21, 2008
Executive Summary After they emerged from the fiscal crisis earlier in the decade, many states began preparing for the next economic downturn by setting aside “rainy day funds,” or reserve accounts designed for use when revenues decline or expenditures increase unexpectedly because of downturns, natural disasters, or other events. A rainy day fund serves … -
Using Income Taxes to Address State Budget Shortfalls
February 21, 2008
States are on the brink of their worst fiscal problems since the 2001 recession. At least half the states are anticipating budget shortfalls for next year (fiscal year 2009). For those states that have estimated the size of the gap, estimated deficits range from $34 billion to $38 billion in total. Among affected states, … -
29 States Faced Total Budget Shortfall of at Least $48 Billion in 2009
January 15, 2008
For the most up-to-date information on state budget shortfalls, please view our newer analysis: "State Budget Problems Worsen: 13 States Face New Shortfalls" At least 29 states plus the District of Columbia, including several of the nation’s largest states, faced …
