State revenue again falls short of projections
State revenue is $27 million short of projections just three months into the fiscal year as every revenue category fell short of expectations in September.
Capitol News Service reported that Finance Commissioner Sawin Millett said Monday the latest tally "certainly is not a positive picture for either the September collections or the three months to date compared to our budget."
Income tax revenue is down $4.7 million below projections after three months, sales tax revenue is below estimates by $9.5 million for the same time period and corporate income tax revenue is behind projections by $13.2 million.
Millett attributed the shortfall in corporate tax revenue to changes in the tax code allowing quicker reductions for investments in equipment, CNS reported. He would not tell CNS whether the state's revenue forecasting committee would re-project its revenues at its meeting next month.
While major taxes were below projections, revenue from lodging and restaurant sales came in above projections in the latest state numbers.
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