income tax collections

Karen Kasler

At this time last year, state lawmakers were in the midst of creating a two year budget with a deficit that was more than a half a billion dollars. It’s a different situation this year, but for the second month in a row, personal income tax collections came in at a rate lower than expected.

Office of Budget and Management

After a huge haul to start the year, income tax collections for last month came in below estimates. But the state is still in the black halfway through the fiscal year.

Daniel Konik/OGT

January was a huge month for the state’s personal income tax collections.  The state’s budget office has been close on its forecasts so far this fiscal year, but last month was unusual.

Karen Kasler

For the second month in a row, the state collected more income taxes than forecasts suggested it would. That’s quite a turnaround from last year, when the new state budget had to be trimmed as income taxes fell short nearly $850 million.

Statehouse News Bureau

Just one month ago the House, Senate and governor finished a marathon budget battle where leaders had to fill a $1 billion gap. Now the state is getting its first look at how the economy is shaping up for the next two years.