Federal-State Issues
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Podcast: State Budget Cuts and Tax Increases Put Fragile Economic Recovery at Risk
November 11, 2009
The risk that, without more federal aid, states efforts to address their budget problems could cost the economy 900,000 jobs is discussed by Bob Greenstein, Mark Zandi, chief economist of economy.com, and Senior Advisor Iris Lav.
Duration: 21:42
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Banning Taxation of Online Hotel Reservations Is Unwarranted and Could Cost States and Localities Billions of Dollars
Revised September 18, 2009
For the past two years, online travel companies like Expedia and Priceline have been seeking enactment of federal legislation that would ban state and local taxation of hotel room rentals when booked by such a company or by a conventional travel agent. Most recently, the legislation was circulated as a potential amendment to … -
Federal Fiscal Relief Is Working As Intended
Updated June 29, 2009
As dire as the states’ fiscal condition is — with dramatic revenue downturns leading in some cases to unprecedented service cuts — evidence shows this bad situation would be substantially worse if not for federal recovery assistance. The $787 billion American Recovery and Reinvestment Act package enacted in February included about $140 billion for states … -
Obscure Tax Provision of Federal Recovery Package Could Widen State Budget Gaps
May 19, 2009
States could lose up to $5.5 billion in business income tax revenues over the next three years as a result of a little-known provision in the federal economic recovery package enacted in February. States can, however, easily avoid this revenue loss by making offsetting changes in their tax laws. For states to allow … -
Minority of States Still Granting Net Operating Loss “Carryback” Deductions Should Eliminate Them Now
Revised May 11, 2009
As a result of the current recession, nearly all states are experiencing the most serious fiscal crisis of at least the last 25 years. Many are already being forced to cut vital services, lay off employees, increase taxes and college tuitions, and tap reserves. In this context, they can ill-afford maintaining any … -
If States Fail to Use Stimulus Funds as Intended, Efforts to Strengthen Economy Could Be Undercut
February 24, 2009
A few governors and legislative leaders have suggested that their states might not accept the full amount of fiscal relief in the new recovery legislation or might use the funds to finance tax cuts or build up reserves, rather than spend them as Congress intended.[1] Such actions could weaken the new law’s impact, and possibly even … -
Funding For States in Economic Recovery Package Will Close Less Than Half of State Deficits
February 20, 2009
The state fiscal situation is dire. Revenues are declining, and the need for services such as Medicaid is rising as people lose income and jobs. Before passage of the economic stimulus package, state deficits were projected to equal $350 billion over the next 30 months. Because nearly all states are required to balance their budgets, states have begun to cut … -
Recovery Act Provides Much-Needed, Targeted Medicaid Assistance To States
February 13, 2009
The American Recovery and Reinvestment Act includes an $87 billion temporary increase in the share of Medicaid that the federal government would pay over nine calendar quarters (October 1, 2008, through December 31, 2010). It would provide three elements of Medicaid fiscal relief assistance to states, as outlined below.… -
Senate's Cuts to "Fiscal Stabilization Fund" Weaken Stimulus Value of the Economic Recovery Bill
February 10, 2009
Overview and Summary The House economic recovery bill includes a $79-billion “State Fiscal Stabilization Fund” to help state and local governments fund education and other key services. However, the Senate — as a result of the Collins-Nelson amendment — has reduced the amount of funding to $39 billion and …
