The Tax Policy Blog

December 29, 2008

To balance the current $6.26 billion 2008-09 biennial budget, Gov. John Baldacci (D) has proposed $140 million in budget cuts including $27 million in education, correctional officers...

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December 28, 2008

Officials say state revenue is running $320 million under projection so far (out of a $7.2 billion budget), and Gov. Mike Easley (D) estimates that the final shortfall will be about $1.2 billion. Easley is going ahead with capital spending projects, and has held up 5% of agency budgets....

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December 28, 2008

Gov. David Paterson (D) recently unveiled his proposals to close an estimated $15.4 billion shortfall in the $121 billion proposed budget (a 1.1% increase over the current budget). These include a lengthy series of tax and fee increases that will be covered soon in a separate Tax Foundation report, as well as increasingly taxing out-of-state transactions including sales...

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December 28, 2008

In mid-2008, New Jersey approved a slightly increased $33.5 billion spending plan that included $2 billion in property tax rebates and increased spending in a number of areas but no tax increases (the first to make that claim in six years, but following massive tax increases in 2006)....

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December 28, 2008

Legislators meeting in early January must come up with options to close a remaining $100 million shortfall in the current $10.3 billion biennial budget and then begin work on next year's budget (estimated to be about $400 million short). Gov. John Lynch (D) won approval earlier in 2008 for a higher cigarette tax, a tax on poker games, and diverting education funding to the general...

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December 28, 2008

In December, Nevada lawmakers closed a $341.7 million shortfall in the current $18.2 billion biennial budget with some spending cuts, seizing half of the sales tax reimbursement to businesses, and $160 million of borrowing. Combined with other actions since the year began, the budget now stands at $17.2 billion; the previous biennial budget was $...

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December 28, 2008

Gov. Dave Heineman (R) announces his 2010 budget on January 15, but so far state revenues for the 2009 budget have been as expected, if flat. Nebraska also has a rainy day fund of $574 million (out of a $7.6 billion biennial budget), which officials prefer to tap before considering...

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December 28, 2008

Analysts estimate that Montana's state revenue is running $50 million under projection for the current budget ($5.72 billion overall for 2009-11). Gov. Brian Schweitzer (D) has ordered $193 million in spending reductions, and the budget's surplus is now projected to be...

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December 28, 2008

In May, legislators approved and Gov. Matt Blunt (R) signed an $8.94 billion budget with a $700 million shortfall, expecting tax growth to continue and to use $833 million in surpluses. Instead, corporate income taxes are down 14%, sales taxes are down 8%, with income taxes basically flat at 1% growth. Gov.-elect Jay Nixon (D...

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December 27, 2008

Gov. Mike Rounds (R) plans to draw down $26 million in reserve funds to balance this year's budget and $32 million to balance the $3.7 billion 2010 budget, leaving just $4.5 million in the reserve fund. Pay raises will be cut to 1.5% (as opposed to 3%), and unnecessary travel curtailed (including Rounds's own trip to President Obama's...

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December 27, 2008

In December, the South Carolina State Budget and Control Board (a unique entity that administers state government in lieu of the Governor) ordered a $383 million across-the-board reduction in state spending to balance the $7 billion budget. Since July, ordered cuts have totaled...

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December 27, 2008

Gov. Don Carcieri (R) has proposed a series of funding reductions for local government and health care cuts to close a budget shortfall estimated to be $366 million this year (out of $3.40 billion) and $486 million next year (out of $3.27 billion). Contributing to the large shortfall is a determination not to cancel over $570 million in...

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December 27, 2008

Gov. Ed Rendell (D) estimates that the current 2008-09 budget faces a $1.6 billion shortfall (out of $28.3 billion, a 4% increase over the previous budget). His 4-part plan to reduce the shortfall involves budgetary freezes, additional natural gas concessions, drawing...

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December 27, 2008

Legislators in January will be considering Gov. Ted Kulongoski's (D) proposed $15.8 billion 2009-11 budget, balanced but a 7% reduction from the current biennial budget. The budget includes tax and fee increases, including higher charges for...

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December 27, 2008

Oklahoma's State Treasurer recently estimated that state revenue is already $250 million short half-way through this year's $7.1 billion budget, and could be as much as $310 million for the next...

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