January state revenues disappoint
State revenues in January fell nearly $40 million below estimates, continuing a trend of up-and-down state dollars.
Revenues were $38.7 million under projections, according to Capitol News Service. The corporate income tax brought in only $5 million, well below the projected $12.2 million. Individual income taxes were also $23 million below estimates. State revenues were in the red the first half of the budget year but then topped year-to-date estimates by $9 million in December. Now, however, year-to-date revenues are $29.8 million below projections.
Lawmakers are worried that if revenues continue to fall below projections, state budget planners will have to find additional cuts, according to the news service. The revenue forecasting committee will issue re-projections of state revenues later this month.
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