The state will take in $232.5 million more than expected this year in tax payments, according to a revised revenue forecast by the legislature's Fiscal Research Division and the Office of State Budget and Management.
For the next budget year, tax revenue is projected to be $21 million more than expected.
In an e-mail to top legislators and staff members, legislative economist Barry Boardman said this year's surplus results from better than expected growth in personal income tax withholding. Other sources of revenue, including sales tax, corporate income taxes and franchise taxes are expected to come in at or slightly below original projections.
The downgraded economic forecast for the state and the nation resulted in the small change in next year's projection, Boardman wrote.
Comments
Protecting the the job
May 2, 2012 - 11:50am — andy65Protecting the the job creators will eat that surplus up The Republican plan to bankrupt American and eliminate social programs for "them" goes merrily on.
April Surprise???
May 1, 2012 - 11:16pm — plusafBut wait... how can that be??? Everything we've been reading in the N&O, especially on the Editorial pages, has been nothing but doom and gloom for the past what?, three or four years?!
Something seems wrong here, but I just can't imagine what...
(kidding...)