State Budget Solutions State Debt Profiles 2012
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StateMax Personal Income Tax Rate (1)Max Corporate Income Tax Rate (2)Economic Outlook Ranking (3)Economic Performance Ranking (4)Outstanding Debt (in thousands) (5)Unemployment Trust Fund Loans (in thousands) (6)FY 2013 Total Budget Gap (in thousands) (7)OPEB UAAL (in thousands) (8)AEI Pension UAAL (in thousands) (9) (10)Total State Debt (in thousands) (11)
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Alabama56.52122$1,799,140$0$271,000$14,958,929$43,544,880 $60,573,949
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AlaskaN/A9.4295$2,104,002$0$0$6,209,998$14,192,229 $22,506,229
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Arizona4.546.968911$10,088,915$233,222$0$708,099$45,004,090 $56,034,326
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Arkansas76.51110$2,769,031$289,537$0$1,866,079$20,026,314 $24,950,961
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California9.38.843847$117,846,678$8,989,829$15,000,000$77,293,629$398,490,573 $617,620,709
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Colorado4.634.63824$5,119,124$0$148,000$1,859,755$71,387,842 $78,514,721
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Connecticut6.77.54444$19,666,943$631,666$3,100,000$26,697,800$48,515,241 $98,611,650
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Delaware6.758.73435$2,993,526$76,412$0$5,766,320$5,688,663 $14,524,921
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FloridaN/A5.51313$30,392,000$457,847$1,000,000$4,545,845$98,505,110 $134,900,802
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Georgia661033$15,045,489$742,906$300,000$19,209,973$58,742,784 $94,041,152
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Hawaii116.44615$6,913,534$0$500,000$14,007,480$18,533,398 $39,954,412
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Idaho7.87.6617$1,420,199$0$0$136,692$10,022,613 $11,579,504
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Illinois59.54848$32,946,709$0$1,800,000$43,905,779$192,458,660 $271,111,148
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Indiana3.48.52446$1,225,312$1,763,390$0$382,343$33,756,655 $37,127,700
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Iowa8.98122228$3,444,489$0$0$538,200$21,266,226 $25,248,915
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Kansas6.4542639$6,065,649$0$0$550,909$21,827,991 $28,444,549
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Kentucky663932$7,997,168$917,727$371,000$7,441,372$47,016,382 $63,743,649
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Louisiana681925$12,631,015$0$1,200,000$10,030,052$43,797,899 $67,658,966
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Maine8.58.934723$1,088,819$0$454,000$2,468,405$13,227,289 $17,238,513
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Maryland5.58.252021$16,064,720$0$1,100,000$16,364,801$48,199,258 $81,728,779
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Massachusetts5.382543$24,244,548$0$1,300,000$16,237,228$60,476,274 $102,258,050
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Michigan4.3561750$7,743,000$0$0$44,566,480$72,187,197 $124,496,677
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Minnesota7.859.84141$6,773,412$0$1,900,000$1,172,129$59,354,330 $69,199,871
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Mississippi551536$4,868,625$0$0$727,711$32,225,716 $37,822,052
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Missouri66.25738$4,577,656$569,342$800,000$3,084,852$56,760,147 $65,791,997
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Montana6.96.75363$356,037$0$0$540,894$8,633,301 $9,530,232
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Nebraska6.847.813120$43,528$0$347,000N/A$7,438,589 $7,829,117
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NevadaN/AN/A1818$3,681,449$628,611$1,200,000$1,672,412$33,529,346 $40,711,818
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New HampshireN/A8.52834$1,432,691$0$250,000$3,225,849$10,233,796 $15,142,336
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New Jersey8.9794245$40,690,769$596,766$506,000$71,371,700$144,869,687 $258,034,922
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New Mexico4.97.6356$3,956,176$0$0$3,347,482$27,875,180 $35,178,838
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New York8.827.15040$56,126,000$2,764,010$2,000,000$56,826,000$182,350,104 $300,066,114
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North Carolina7.756.92327$8,483,350$2,327,040$2,300,000$32,973,353$48,898,412 $94,982,155
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North Dakota3.995.254$1,903,722$0$0$113,387$4,099,053 $6,116,162
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Ohio5.925N/A3749$17,581,515$1,789,242$3,000,000$29,376,398$187,793,480 $239,540,635
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Oklahoma5.256149$2,606,606$0$0$2,918$33,647,372 $36,256,896
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Oregon9.97.64526$11,597,348$0$1,700,000$529,634$42,203,565 $56,030,547
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Pennsylvania3.079.994030$10,537,597$0$540,000$17,291,178$114,144,897 $142,513,672
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Rhode Island5.9994337$2,895,416$239,833$0$774,665$15,005,840 $18,915,754
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South Carolina752729$7,923,557$782,188$0$9,175,050$36,268,910 $54,149,705
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South DakotaN/AN/A27$484,029$0$0$70,548$5,982,103 $6,536,680
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TennesseeN/A6.51231$1,983,928$0$0$1,713,394$30,546,099 $34,243,421
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TexasN/AN/A162$41,889,000$0$9,000,000$55,389,554$180,720,642 $286,999,196
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Utah55112$5,558,000$0$0$398,105$18,626,024 $24,582,129
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Vermont8.958.54919$513,916$57,732$51,000$1,620,789$3,602,752 $5,846,189
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Virginia5.75638$6,012,028$0$145,000$4,373,400$53,783,973 $64,314,401
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WashingtonN/AN/A3314$19,487,000$0$3,100,000$6,935,749$51,807,902 $81,330,651
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West Virginia6.57.53016$2,393,597$0$0$6,965,627$14,378,914 $23,738,138
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Wisconsin7.757.93242$12,995,047$759,778$1,600,000$1,554,143$62,691,675 $79,600,643
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WyomingN/AN/A41$38,018$0$0$261,545$6,628,204 $6,927,767
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Total$607,000,027$24,617,078$54,983,000$627,234,634$2,860,967,581 $4,174,802,320
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1. “State Individual Income Taxes,” see “Tax Rate Range as of January 1, 2012.” Federation of Tax Administrators, published February 2012, available at: http://www.taxadmin.org/fta/rate/ind_inc.pdf. Note that “N/A” indicates no state income tax.
2. “Range of State Corporate Income Tax Rates,” see “Tax Rate as of January 1, 2012.” Federation of Tax Administrators, published February 2012, available at: http://www.taxadmin.org/fta/rate/corp_inc.pdf.
3. Laffer, Moore, & Williams, “Rich States, Poor States.” American Legislative Exchange Council, published 2012, available at: http://www.alec.org/docs/RSPS_5th_Edition.pdf. Note that the Economic Outlook Ranking refers to a forecast based on fifteen policy variables.
4. Laffer, Moore, & Williams, “Rich States, Poor States.” American Legislative Exchange Council, published 2012, available at: http://www.alec.org/docs/RSPS_5th_Edition.pdf. Note that the Economic Performance Ranking is a historical measurement based on the past ten years of state economic data.
5. See each state’s current respective Comprehensive Annual Financial Report.
6. “Unemployment Insurance: State Trust Fund Loans.” National Conference of State Legislators, published August 14, 2012, available at: http://www.ncsl.org/issues-research/labor/state-unemployment-trust-fund-loans.aspx.
7. Mai, Oliff, & Palacios, “States Continue to Feel Recession’s Impact.” Center on Budget and Policy Priorities, published June 27, 2012, available at: http://www.cbpp.org/cms/index.cfm?fa=view&id=711. Note that figures come from the web version of CBPP's report.
8. Urahn, Susan K., “The Widening the Gap Update.” The Pew Center on the States, published June 20, 2012, available at: http://www.pewstates.org/uploadedFiles/PCS_Assets/2012/Pew_Pensions_Update.pdf. Note that OPEB UAAL= total liability x (1-percent funded) and Pension UAAL= total liability x (1-percent funded).
9. Biggs, Andrew G., “The Market Valuation of Public-Sector Pension Deficits.” American Enterprise Institute, published April 2010, available at: http://www.aei.org/article/economics/retirement/the-market-value-of-public-sector-pension-deficits/.
10. Leonard, Bryan, “Just How Big Are Public Pension Liabilities?” State Budget Solutions, published March 3, 2011, available at: http://www.statebudgetsolutions.org/doclib20110304_StatePensionLiabilityMarch4.pdf.
11. Note that total state debt is equal to the sum of outstanding debt, unemployment trust fund loans, FY 2013 total budget gap, OPEB UAAL, and Pension UAAL.

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*The report has been updated to reflect a change in New Jersey's outstanding debt total. The figure originally reported included a combined $24,358,719 that the state lists as Net Other Post Employment Benefit Obligations and Net Pension Benefits. That total may already be included as OPEB UAAL and Pension UAAL in this report. The updated report reads $40,690,769 for New Jersey's outstanding debt as posted in the state's Comprehensive Annual Financial Report.
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Market Valued Pension Liabilities
Pew Pension Liabilities
Rankings