Fourteen States Show Range of Responses to FY 2012 Budget Challenges, but Most Resist Broad-Based Tax Hikes

The Bloomberg BNA Tax Management Weekly State Tax Report filters through current state developments and analyzes those critical to multistate tax planning.

Fiscal Year 2012 promises another round of severe spending cuts in the states, as budget shortfalls persist. In this roundup, BNA looks at 14 states and their plans for closing revenue gaps; tax increases figure highly in only three states—California, Illinois, and Minnesota. In most other states, particularly Arizona, Florida, New Jersey, New York, Texas, and Wisconsin, elected officials have vowed to hold the line on taxes and, in some cases, to cut taxes.

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