State tax collections for the first quarter of 2009
showed a drop of 11.7 percent
the sharpest decline in the 46 years
for which quarterly data are available
The personal income tax decline was particularly sharp
an unprecedented 17.5 percent in nominal terms
Early figures for April and May of 2009
show an overall decline of nearly 20 percent for total taxes
a further dramatic worsening of fiscal conditions nationwide
State Tax Decline in Early 2009 Was the Sharpest on Record
Rockefeller Institute, July 2009
North Carolina State Tax Revenue
January-March, 2008 $5,079,000,000
January-March 2009 $4,691,000,000
2008 – 2009 $388,000,000 = -7.64%
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