April 15, 2008

Corporate tax payments nosedive

The state's tax receipts took another dive in March compared to projections in the January budget, down more than $900 million. Virtually all of that was due to a massive shortfall in taxes on corporate profits. Corporate taxes were weak in December, but the Department of Finance projected that much of that weakness would be made up in March. Wrong. The low initial payments carried over into final payments. Now the state is down more than $1 billion from the total general fund revenue estimate in the January budget.

Posted by dweintraub on April 15, 2008 2:49 PM