Softening Third-Quarter Growth in State Taxes, Weak Forecasts for Fiscal 2016 and 2017.
State tax revenue growth slowed in the third quarter of 2015, a trend that is expected to continue in the remainder of fiscal year 2016 and into 2017 according to the latest State Revenue Report. Personal income tax growth slowed to 6.5 percent and growth in corporate income taxes, sales taxes and motor fuels were weak. Fluctuations in the stock market and the drop in oil prices are two of the reasons that these trends likely will continue into the future.
The Rockefeller Institute
March, 2016