Two months into the fiscal year, the state budget department says its forecast for tax revenues is close to on track. August’s personal income tax take was down nearly 2 percent for the month, and the state’s main business tax, the commercial activity tax, was down almost 4 percent. But because of strong numbers for the state sales tax and other categories, total tax receipts are up almost a point over forecasts. But total revenues are off by a little less than a point. But the budget department says it appears the state “is slightly overperforming the plan”, and seems confident there won’t be a repeat of the spring of 2017, when revenue shortfalls forced lawmakers to cut $800 million as the budget was being negotiated. Copyright 2018 The Statehouse News Bureau. To see more, visit The Statehouse News Bureau.
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State's Personal Tax Revenue Off For August, But Says Overall Tax Receipts On Track
