State net taxes are falling for the second consecutive year in fiscal 2015. U.S. states reduced taxes and fees this year by $2.3 billion, the deepest cuts since fiscal 2001, according to a report by the National Association of State Budget Officers.
The report notes that stabilizing revenues and spending pressures have led states in three of the last four fiscal years to cut taxes. Twenty-one states enacted net tax cuts in 2015, while only 10 states saw tax increases. The states with the largest reductions in taxes and fees in fiscal 2015 include Florida, Minnesota, New York and Texas.
Read the report: Fall 2014 Fiscal Survey of States