Apparently We’re Not Broke: Revenue Forecast Climbs by $636 Million
Based on the most recent revenue estimate from the Legislative Fiscal Bureau, which was released today, we can expect an additional $636 million in revenue before the end of fiscal year 2013, compared to previous estimates. The new tax estimates call for $233 million above prior projections for the current fiscal year and about $200 million more in each of the next two years.
The revisions to estimated tax revenue include:
- $910 million increase in the estimate of revenue from the individual income tax;
- $240 million reduction in sales tax revenue; and
- $68 million reduction in corporate income tax.
Smaller changes were made to estimates for revenue from other taxes.
There is sure to be a number of different ideas about what we should do with this additional revenue. One possibility would be to reverse some of the most harmful cuts that were proposed in the executive budget.
Tamarine Cornelius & Jon Peacock