Excited about that federal stimulus package putting $600 in your pocket?
State governments aren't so thrilled. Turns out the package includes a couple of nasty surprises for state budgets:
The Center on Budget and Policy Priorities, a Washington think tank, estimates that two business tax cuts in the package will cost 36 states a total of $2.9 billion in lost tax revenue. While some of that loss will occur this year, most will occur during the fiscal year beginning July 1 for most states.
For states already dealing with tight budgets, this certainly isn't welcome news.