A report by Pew Trusts shows that total state tax revenue was down $46.4 billion from its pre-pandemic level in the four quarters ending on June 30, 2020.
State tax revenue from April through June 2020 collectively plunged an extraordinary 25% from the same quarter of 2019. Even with an influx of federal stimulus dollars, at least 19 states were forced to pull back on spending, while 15 tapped into their rainy-day funds to balance their fiscal 2020 budgets.
New Jersey’s tax revenue, which is based on revenue numbers before its largely underreported FY21 revenues, fared better than most – with only a 1.9% decline from its pre-pandemic level.
To see the full report and map of states, click here.