Press Room: Article

February 22, 2010

2010 State Tax Update

It is no surprise that the economic recession has resulted in serious revenue shortfalls and driven state legislatures to consider tax increases to support their budgets.

In order to close their budget deficits, many states opted to either pass new legislation that modifies existing tax law or implement new tax measures. For example, many of the legislative changes that states have chosen to implement range from simply imposing tax rate increases to other more creative legislative solutions such as the following:…

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