A combination of COVID-19 and plunging oil prices have caused states’ tax revenues to drop more than 6% during the six months from the first pandemic shutdowns in March through the end of August.
The 46 states that have reported their tax figures for the period show a combined revenue drop of nearly $30 billion compared with the same stretch last year, according to the Urban Institute, a Washington, D.C. think tank that analyzes tax policy and other issues.
