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Six-state review

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  • E. Matthew Quigley

Abstract

Year-to-date revenues for the first four months of FY2003 were above their FY2002 level in most New England states. Hit hard by dramatically diminished tax receipts and/or increased spending pressures, all six states closed FY2002 with deficits that had to be eliminated by end-of-the-year fiscal measures. The improved revenue collections for the first four months of FY2003 were welcome. General revenues were up in Connecticut, Maine, New Hampshire, Rhode Island, and Vermont. Sales tax receipts, driven in large part by car purchases induced by manufacturers' offers of zero percent financing, were up in Connecticut, Maine, Rhode Island, and Vermont; meals and rooms tax receipts were up in New Hampshire. Personal income tax collections were mixed; although higher in Maine and Vermont, they were down slightly in Rhode Island and sharply in Connecticut and Massachusetts.

Suggested Citation

  • E. Matthew Quigley, 2002. "Six-state review," Fiscal Facts, Federal Reserve Bank of Boston, issue Win, pages 6-8.
  • Handle: RePEc:fip:fedbff:y:2002:i:win:p:6-8:n:30
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    File URL: http://www.bostonfed.org/economic/neff/neff30/across.pdf
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    Other versions of this item:

    • E. Matthew Quigley with Lin Gong & Amanda Lydon, 2002. "Six-state review," Fiscal Facts, Federal Reserve Bank of Boston, issue Fall, pages 5-7.

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    Keywords

    Deficit financing - New England ; Revenue;

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