After plummeting more than $1.8 billion in fiscal 2002, state tax revenues will remain flat in 2003 as gains from a projected mild recovery are offset by the impact of prior tax cuts, according to a forecast presented by MTF to members of the House and Senate Ways and Means Committees at their annual revenue hearing. The Foundation estimates that state tax revenues will total $14.25 billion in fiscal 2003 as projected tax growth of 3.5 percent is offset by the continuing phase-in of Question 4 and other tax cuts.
March 01, 2002
FY Pre-2008
MTF Forecast: Flat Revenues in 2003 Following $1.8 Billion Decline in 2002
After plummeting more than $1.8 billion in fiscal 2002, state tax revenues will remain flat in 2003 as gains from a projected mild recovery are offset by the impact of prior tax cuts, according to a forecast presented by MTF to members of the House and Senate Ways and Means Committees at their annual revenue hearing. The Foundation estimates that state tax revenues will total $14.25 billion in fiscal 2003 as projected tax growth of 3.5 percent is offset by the continuing phase-in of Question 4 and other tax cuts.
