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SALT, Stock Drop Leaves States With First Tax Decline Since 2016

March 11, 2019, 5:42 PM

The main tax revenue for U.S. states declined by an average of almost 2 percent during the last three moths of 2018 from the same quarter a year earlier, according to preliminary data from the Urban Institute, marking the first drop since the second quarter of 2016.

Personal income tax revenue declined 9.4 percent, in part because collections were artificially boosted a year earlier when residents paid their taxes early before limits of state and local tax deductions took affect. Wild swings in the stock market throughout the fourth quarter likely also contributed to the drop, according to Lucy Dadayan, ...