Jul01

State Tax Revenues Now Projected to Come In $2.6 Billion Higher Than Expected

State Tax Revenues Now Projected to Come In $2.6 Billion Higher Than Expected
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Washington’s quarterly revenue forecast last week showed a substantial increase in tax revenue: $2.6 billion more than was previously expected when lawmakers wrote the 2021-23 budget earlier this year. The state’s revenue projection through mid-2023 is back to where it was in pre-pandemic levels, a complete turnaround since last June when numbers warned of a nearly $9 billion shortfall. Total state revenue subject to the budget outlook process is forecasted to increase by $838 million in the 2019-21 biennium, $1.8 billion in the 2021-23 biennium, and $2.2 billion in the 2023-25 biennium. Total state tax revenue is now forecast to be $53.2 billion in the current biennium and $58.4 billion for the 2021-23 biennium.

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Thursday, 01 July 2021