The state”™s Office of Policy Management and Office of Fiscal Analysis have arrived at consensus revenue estimates for the current state budget period ending in 2017 and for the following three fiscal years.
Among the data, the state agencies foresee corporate tax revenues in decline, from $950.4 million in 2016 to $843.7 million in 2020.
In a statement accompanying the announcement, Gian-Carl Casa, undersecretary for legislative affairs for the Office of Policy Management, said, “The world is changing and we”™re going to need to take the tough but necessary steps to change with it. Households need to curb spending when necessary, and so does government.”
A bipartisan group of legislators, including Gov. Dannel Malloy, received the figures from the director of the Office of Policy Management, Benjamin Barnes, and from the acting director of the Office of Fiscal Analysis, Christopher Perillo, in a letter dated Jan. 15.
For fiscal years through 2020, the state estimates personal income tax revenues of $9.57 billion (2016); $9.829 billion (2017); $10.233 billion (2018); $10.675 (2019); and $11.106 (2020).
Sales and use tax revenue for the five-year period is listed at: $4.230 billion for 2016; $4.09 billion (2017); $4.007 billion (2018); $4.155 billion (2019); and $4,302.2 billion (2020).
Revenues from insurance companies will shrink from $226.5 million in 2016 to $217.7 million by 2020, according to the report.
The state expects to swell its special transportation fund with revenues of $1.389 billion in 2016Â becoming $1.758 billion by 2020.
The state”™s “Health Provider Tax” this year is expected to fuel state coffers by $672.4 million, ratcheting up to $674.3 million in 2020.
As one sin tax wanes ”“ cigarette revenues will fall from $365.9 million in 2016 to $318 million in 2020 ”“ another, on alcohol, will wax. Alcohol-based state revenues are expected to climb from $61.7 million in 2016 to $63.4 million in 2020.
