NEW CASTLE, Del. (AP) - The panel that sets Delaware's official financial projections has significantly lowered expectations for corporate income tax revenue this year, putting more pressure on state lawmakers charged with developing a budget for the upcoming fiscal year.
The Delaware Economic and Financial Advisory Council on Monday lowered its overall revenue estimate for the current fiscal year by almost $108 million compared to its December forecast, led by a $70 million drop in estimated corporate income taxes.
At the same time, the council expects corporate income tax revenue to grow $77 million more next fiscal year than it had projected in December. That would help offset this year's projected decline but still leave overall available revenue for the fiscal year starting July 1 about $40 million lower than what was expected in December.