On Dec. 16, the president signed the Consolidated and Further Continuing Appropriations Act of 2015, the $1.1 trillion spending bill passed by Congress last week. The legislation is a mix between a short-term continuing resolution, known as a “C.R.,” and a long-term omnibus spending bill. The legislation, known as the “CR-omnibus,” funds most of the government through September 2015. The exception is the U.S. Department of Homeland Security, which is funded only through Feb. 27, 2015.

The Consolidated and Further Continuing Appropriations Act of 2015 -  also known as the "cromnibus" - is a $1.1 trillion spending bill that will fund most of the government through the rest of the fiscal year. It was signed by Pres. Obama on Dec. 16, 2014. 

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According to The National Association of State Budget Officer's State Expenditure Report, total state spending (including both state and federal funds) grew by an estimated 5.7 percent in FY 2014, a significant jump from the 2.2 percent growth rate in FY 2013. In FY 2012, year-over-year total state spending fell by 1.1 percent. The recent boost in state expenditures is due primarily to a jump in spending from federal funds, which increased by 7.6 percent in FY 2014. Spending from state funds, on the other hand, grew by 4.8 percent.

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In Direct Marketing Association v. Brohl, the Supreme Court will decide whether a federal court is barred from deciding a constitutional challenge to a Colorado law that requires remote sellers who don’t collect state sales tax to comply with notice and reporting requirements. The State and Local Legal Center’s ...

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WASHINGTON, D.C.—Many U.S.-based companies are in the process of reincorporating their headquarters to countries with lower corporate tax rates. This is commonly known as “inversions” or “expatriations” and takes place when a company merges or acquires a foreign company with the nearly exclusive purpose of paying lower corporate taxes.

Fiscal conditions for states continued to moderately improve in the 2013 fiscal year. Revenue collections exceeded projections for the vast majority of states and spending from both state funds and federal funds experienced stronger growth in comparison to the 2012 fiscal year. Additionally, the number of states making midyear budget cuts remained low and states have continued to replenish their rainy day funds and reserves. In the 2014 fiscal year, states are expected to have continued positive revenue and spending growth. Revenue and spending growth rates, however, are expected to be slower than last year. States are cautiously optimistic that fiscal conditions will continue to slowly improve in the 2015 fiscal year and beyond, although challenges remain.

State fiscal and economic indicators continue to slowly improve as the effects of the Great Recession continue to linger. For more than a year and a half, state tax collections have consistently grown and states have invested in rainy day funds. On a per capita basis, state general expenditures declined slightly in 2012 over 2011 levels and education and public welfare remained the largest components of state spending in 2012—65.5 percent.

Inflation-adjusted gross domestic product grew 1.9 percent in the United States during 2013, which is somewhat lower than long-term expectations for economic growth. Employment rose a relatively healthy 1.6 percent, but nearly 1.2 million fewer people have a job than before the recession. Most analysts expect better GDP growth during 2014 and anticipate employment will finally rise above the pre-recession peak sometime during the second half of 2014. Economic growth will improve because the short-term drag caused by sequestration and the debt ceiling debate has played through the economy, improvements in household balance sheets are allowing solid consumer spending increases, business investment is rising with better business equipment purchases and housing construction is healthier in many regions.

Chapter 7 of the 2014 Book of the States contains the following articles and tables:

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Every legislature and governor relies on a revenue forecast to build a state budget, but as a recent study shows, the process itself can vary considerably around the country. Indiana and Iowa were among the U.S. states that employ all five of the Center on Budget and Policy Priorities’ “best practices” in revenue forecasting.

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