The latest Economic & Revenue Update released by the state Economic and Revenue Forecast Council today reported that state tax collections over the last month returned $103.6 million, or 2.4 percent, lower than forecasted last February. Including the other monthly updates since February, collections are down $135.4 million or 1.2 percent cumulatively.
Since the February forecast, the state has issued $59.5 million in net large refunds that had not been included in the forecast. Adjusting for this, cumulative collections are down $75.9 million or 0.7 percent. The update this month also recorded a decrease of $21.7 million or 19.2 percent in the state’s real estate excise tax.
This dip in collections adds to the growing pressure on the state’s budget outlook that is already facing a shortfall ahead of the 2027 legislative session.
The next revenue forecast will be released on June 26th.