The Center on Budget and Policy Priorities has put out an excellent article about what is happening nation-wide relative to tax increases and state budgets during this recession.
Nicholas Johnson, Andrew Nicholas and Steven Pennington say, "By raising taxes, states can help ensure that those families and individuals hurt most by the recession do not face even more difficulties because of cuts in government programs and services they need, including those involving assistance with housing and health care, or access to higher education. Unfortunately, many of the spending cuts that states have enacted or are considering would have the most harmful impact on low- and moderate-income families and others hit hard by the recession. Tax increases can avert such cuts."
In addition, the Center for Tax and Budget Accountability has issued a fact sheet that explains House Bill 174. Information to be posted later today.