Revenue forecast to meet tax cut trigger, decline in total General Revenue Fund collections for fiscal year 2016 are forecast to increase, tripping the trigger for an individual income tax rate cut in calendar year 2016, Secretary of Finance, Administration and Information Technology Preston Doerflinger announced Wednesday. Total revenue available for appropriations for the next fiscal year, however, is forecast to decline by nearly $300 million, he said. Under Senate Bill 1246, which lawmakers approved during the 2014 legislative session and Gov. Mary Fallin signed, the state’s top personal income tax rate will drop from 5.25 percent to 5.0 percent beginning Jan. 1, 2016 if the FY2016 General Revenue Fund estimate made by the Board of Equalization at its meeting Thursday is equal to or greater than the FY2014 estimate approved in February 2013. According to the estimate to be presented to the board Thursday, the FY2016 estimate will be $60.7 million more than the FY2014 estimate. The total amount of money available for the FY2016 budget will be $6.9 million, Doerflinger said, which is $298.1 million or 4.1 percents less than the state’s budget for the current fiscal year. That amount includes money in addition to the General Revenue Fund. For the full report, go to ecapitol.net
Posted on: Wed, 17 Dec 2014 22:04:44 +0000
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