The COVID-19 pandemic and resulting recession put enormous strain on state and local government budgets State personal income and sales tax revenues, which together account for more than 70 percent of general own-source funds, fell further and faster than in the depths of the Great Recession Although some personal income tax losses stemmed from filing deadline extensions and would be recovered later in the year, states in particular also contended with increased direct and indirect costs stemming from COVID-19 As in prior downturns, the federal government stepped in to help states and localities facing massive gaps between projected revenues and spending, but aid provided thus far has been incommensurate to the scale and timing of the challenge This paper provides a point-in-time description of state and local government finances as of July 2020, the start of a new fiscal year in most states and localities It also assesses federal relief compared to prior recessions and offers a few directions for reform

中文翻译：

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COVID-19时代的州和地方政府财政

COVID-19大流行和由此导致的衰退给州和地方政府的预算造成了巨大压力。州个人收入和营业税收入（占普通自有资金的70％以上）的下降速度和幅度超过了州政府的深度。经济大衰退尽管一些个人所得税的损失是由于提交截止日期而造成的，并将在今年晚些时候得到弥补，但特别是各州还抵制了COVID-19造成的直接和间接成本增加。在先前的低迷时期，联邦政府介入以帮助州和地方政府在预计的收入和支出之间面临着巨大的缺口，但是迄今为止提供的援助与挑战的规模和时机不相称。本文提供了截至2020年7月的州和地方政府财政的时间点描述，在大多数州和地方，新财政年度开始时，它还评估了与先前衰退相比的联邦救济，并提供了一些改革方向