States Could Face $500 Billion Budget Shortfall, Analysis Finds (1)

States’ losses related to the Covid-19 crisis could reach $500 billion, an analysis by a University of Pennsylvania professor has found. California, meanwhile, has gone from a big surplus to a big deficit in record time. Here’s the latest on shifting state tax guidelines, deadlines, and policy to deal with the coronavirus pandemic. For Wednesday’s coverage click here. Here’s a state-by-state roadmap.

Congressional leaders still haven’t come up with a strategy for reimbursing states for losses due to the Covid-19 pandemic, but a team from the University of Pennsylvania has toted up the bill, hoping to advance negotiations ...