Mar
10
originally published by TOBY BURKE for NAIOP National with permission to repost
Most state governments have emerged from the pandemic-induced economic slowdown with budgetary surpluses because projected revenue losses did not occur. Losses in tax collections from certain sectors of the economy, such as restaurants, hospitality and entertainment, were offset by the collection of sales taxes from increased internet transactions, along with the $193.5 billion to states under the American Rescue Plan Act of 2021. The State Expenditure Report from the National Association of State Budget Officers notes that, while state expenditures have increased, so have revenues by 12.8% for fiscal year.
