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Delaware panel boosts official government revenue forecast

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DOVER, Del. (AP) — The panel that sets Delaware’s official government revenue forecast increased its estimate for the current year by more than $172 million.

The panel on Monday also boosted its revenue estimate for the fiscal year starting July 1 by $140 million compared to its October forecast. Gov. John Carney’s budget office will use the latest estimates to put the finishing touches on a fiscal 2024 spending proposal that he will unveil in January after the General Assembly reconvenes. Officials said the increases are due largely to higher estimates for personal income taxes, corporate income taxes and corporate franchise taxes.

Franchise taxes and related fees on business entities are paid by firms incorporated or formed in Delaware even if they don’t do business in the state.

Source: AP – All contents copyright 2022 Associated Press.  All rights reserved.

 

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