Revenue Shortfall Decreases Due To Federal Tax Overhaul
The revenue shortfall the state is facing has declined from 994-million-dollars to 648-million-dollars, as a result of the state collecting more income taxes due to the federal tax overhaul. House Speaker Taylor Barras says the extra money would likely go for higher education and the TOPS program.
But based on this new revenue projection, the state would still have to make 648-million dollars in cuts, unless another special session is called to address the shortfall. Barras says he’s not committed to a special session yet, he wants to see what the budget looks like when it’s approved by the House next week.
Barras says the Appropriations Committee is set to vote on a budget that will contain 648-million dollars in cuts on Monday and then the full House could vote on the spending plan next Thursday.