ALBANY – Hold on to your wallets, taxpayers.
State tax collections fell off a cliff in the last three months of 2008, paving the way for tax hikes and service cuts.
The report by the Rockefeller Institute of Government found 35 of 47 early-reporting states saw tax revenues decline from the fourth quarter of 2007.
In New York, corporate tax revenues increased 11.9 percent, while sales taxes fell 6.3 percent and personal income taxes slipped 0.4 percent.