Tuesday, February 13, 2018

And speaking of money

The state controller reports that state revenues for the current fiscal year through January are up about $5 billion relative to what was estimated when the budget was enacted last June.

Some of the added revenue may be due to a response to the recent federal tax law that limited the amount that could be deducted for state and local taxes to $10,000. Tax advisers suggested to clients affected by the cap that they pre-pay property tax and estimated state income tax before Dec. 31. While property taxes are local and would not show up in the controller's report, state personal income taxes are an important source of state revenue.

For the controller's report, see:

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