January 21, 2016
Joint Legislative Budget Committee
The JLBC Staff reports monthly to the Legislature on the status of General Fund revenue collections and other fiscal issues. See the full report here. Among the key points of the document:
- December General Fund revenues were (4.8)% below the prior year.
- This decline in revenues during the month was driven by a (45.8)% drop in Corporate Income Tax collections. The large decline in Corporate collections is an indication that the state may finally be experiencing the revenue loss from the tax reductions that began in January 2014, as many large corporation likely received extensions and filed late in calendar year 2015.
- Year-to-date, base General Fund revenues are 2.9% above the prior year, and are $210.4 million above forecast. Excluding the one-time tax amnesty revenues that were received during September and October, year-to-date revenues are $178.4 million above forecast.