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State Budget Tracking Summaries Updated December 23, 2020

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State Budget Tracking Summaries Updated December 23, 2020 State Budget Tracking Summaries Updated December 23, 2020 Sellers Dorsey | [email protected] | www.SellersDorsey.com 1635 Market St. #301, Philadelphia, PA 19103 Table of Contents Alabama................................................................................................................................................... 3 Alaska ...................................................................................................................................................... 3 Arizona .................................................................................................................................................... 4 Arkansas .................................................................................................................................................. 5 California ................................................................................................................................................. 5 Colorado .................................................................................................................................................. 7 Connecticut .............................................................................................................................................. 9 Delaware ............................................................................................................................................... 10 District of Columbia ................................................................................................................................ 11 Florida ................................................................................................................................................... 11 Georgia .................................................................................................................................................. 12 Hawaii ................................................................................................................................................... 13 Idaho ..................................................................................................................................................... 14 Illinois .................................................................................................................................................... 15 Indiana................................................................................................................................................... 16 Iowa ...................................................................................................................................................... 16 Kansas ................................................................................................................................................... 18 Kentucky ................................................................................................................................................ 18 Louisiana ................................................................................................................................................ 19 Maine .................................................................................................................................................... 20 Maryland ............................................................................................................................................... 21 Massachusetts ........................................................................................................................................ 22 Michigan ................................................................................................................................................ 23 Minnesota .............................................................................................................................................. 23 Mississippi.............................................................................................................................................. 24 Missouri ................................................................................................................................................. 24 Montana ................................................................................................................................................ 25 Nebraska ................................................................................................................................................ 26 Nevada .................................................................................................................................................. 27 New Hampshire ...................................................................................................................................... 27 New Jersey ............................................................................................................................................. 29 New Mexico ........................................................................................................................................... 31 New York ............................................................................................................................................... 32 North Carolina ........................................................................................................................................ 34 North Dakota ......................................................................................................................................... 34 Ohio ...................................................................................................................................................... 36 Oklahoma .............................................................................................................................................. 37 Oregon .................................................................................................................................................. 38 Pennsylvania .......................................................................................................................................... 39 Puerto Rico ............................................................................................................................................ 40 Rhode Island .......................................................................................................................................... 40 South Carolina ........................................................................................................................................ 41 South Dakota.......................................................................................................................................... 41 Tennessee .............................................................................................................................................. 42 Texas ..................................................................................................................................................... 43 Utah ...................................................................................................................................................... 44 Vermont ................................................................................................................................................ 45 Virginia .................................................................................................................................................. 45 Washington ............................................................................................................................................ 46 West Virginia .......................................................................................................................................... 48 Wisconsin .............................................................................................................................................. 48 Wyoming ............................................................................................................................................... 49 Page 2 Alabama • December 23 update: The Alabama Department of Revenue issued guidance on tax relief measures for taxpayers and employers. This guidance comes shortly after Gov. Ivey announced an emergency proclamation that made changes to tax return forms in the State so that residents and businesses will forgo paying state taxes on CARES Act benefits (WBRC). • Annual renewal of tax licenses for businesses in Alabama are now required. This new rule requires businesses to obtain a license from the Alabama Department of Revenue to ensure businesses are properly registered with the Department. If a business does not renew its license, the license will expire, and the account will no longer be active. Every license will expire December 31, 2020. The renewal process opens November 1, 2020 (WBRC). • Alabama’s gross tax revenue was up 5.3% at the end of August with one month remaining in the pandemic-affected fiscal year (WBRC). • Despite slower revenues, the State does not intend to propose cuts. Net income tax receipts totaled $459 million, up from $129 million in July 2019 due to postponement. The July numbers raised the total income tax receipts for this fiscal year to $3.6 billion, 0.3% more than last fiscal year (Alabama Local News). Alaska •
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