In the sixth annual Southern Regional Education Board analysis of state and local revenue potential, the authors suggest that 1972 tax collections, here reported, represent a kind of watershed in revenue availability. The economic boom over the last two years has substantially removed the need for many states to consider new revenue measures. In fact, several states have reduced taxes. However, the economic book period is generally thought to be coming to an end in early 1974. The authors venture to predict a return to a period of revenue shortages that will last at least for the remainder of the 1970s. This report is intended for those who are responsible for maintaining an adequate flow of revenue at the state and local level. In their search for new revenue, states may simultaneously pursue objectives of developing more progressive tax systems in the interest of greater equity and adequacy in the financing of education and other public services. Statistical tables are presented. (Author/PG)