State's Tax Revenue Off For August, Projections Remain On Track
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 two percent for the month, and the state’s main business tax, the commercial activity tax, was down almost four percent.
However because of strong numbers for the state sales tax and other categories, total tax receipts are up almost a point over forecasts. Total revenues are off by a little less than a point.
Despite the downward trend in August, 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.