Nevada’s financial woes not worst in the nation

CARSON CITY — If misery loves company, then the Nevada state government can find solace in a national report released today that found that seven other states will experience even higher tax declines in the current fiscal year.

A National Conference of State Legislatures study found total tax revenues in Nevada will decline by 5 percent during the fiscal year ending June 30, in comparison with the last fiscal year.

That really isn’t news since the figures come from the Economic Forum projections in May that were used in creating the current state budget. And those figures were developed before the Legislature increased taxes by a record $1 billion.

What’s new is that Nevada’s tax losses pale in comparison with states like Alaska, projected to suffer a 45 percent drop because of declining oil revenue; Louisiana, a 13.9 percent decline; and Wyoming, a 10 percent drop. Ohio, Connecticut, Iowa and Vermont also are projected to experience sharper revenue declines than Nevada.

Five states, including Michigan, with the highest unemployment rate in the country, did not participate in the study.

The NCSL report comes on the same day that the Conference Board, a private economic forecaster, said the economic activity nationally rose for the sixth straight month, despite rising unemployment.

Contact Capital Bureau Chief Ed Vogel at evogel@reviewjournal.com or 775-687-3901.