State Tax Revenues Fall 5.5%

The Center on Budget and Policy Priorities has published State Revenues Plummet:  July-September Revenue Numbers Are Worst in Years, by Nicholas Johnson & Andrew Nicholas:

States are beginning to report revenue collections for the July-September 2008 quarter, and the new figures raise the likelihood that large, additional budget shortfalls are developing. Of 15 mostly large and mid-sized states that have published complete data for this period, the majority collected less total tax revenue in July-September 2008 than was collected in the same period in 2007. ... After adjustment for inflation, total revenue collections are below 2007 levels in 14 of the 15 states.

Weekend Wall Street Journal:  States' Tax Receipts Fell Sharply in Latest Quarter, by Jesse Drucker [click on chart to enlarge]: