Discusses the National Conference of State Legislatures 1987 annual fiscal survey. Forty states have revised their annual revenue codes since the enactment of the Tax Reform Act of 1986. Thirty-one out of 40 states had to raise taxes to meet budget needs for FY 88. Due to the money crunch many states had, 20 states kept all or part of the $6.3 billion windfall from the revision of the federal tax code. However, 80 percent of that amount was returned to the taxpayers. According to the U.S. Census Bureau, state revenues in 1986 came primarily from sales taxes and personal income taxes. Although it varies from state to state, an average 32 percent of the taxes came from sales taxes, 30 percent from personal income taxes, 8 percent from corporate income taxes, and another 30 percent from a variety of excise and severance taxes. Article includes map of the U.S. indicating which states kept all of personal income tax windfall; which states returned all of the tax windfall, and which states kept only part of the windfall.

  • Corporate Authors:

    Regular Common Carrier Conference, ATA

    2200 Mill Road, Suite 350
    Alexandria, VA  United States  22314-4677
  • Publication Date: 1988-3

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Filing Info

  • Accession Number: 00608162
  • Record Type: Publication
  • Files: TRIS
  • Created Date: May 31 1991 12:00AM