States are enjoying windfalls after struggling to predict how President Trump’s federal tax law changes would ripple through their revenue.
All 15 of the states that have reported April tax collections so far have seen them come in better than expected, according to a list compiled by National Assn. of State Budget Officers. California, Illinois and Connecticut are among them, and New Jersey is expected to report its tally next week. New Jersey Gov. Phil Murphy said this week that tax collections will be more than $250 million above projections.
Moody’s Investors Service said California’s experience bodes well for other high-tax states, and Mikhail Foux, head of municipal strategy at Barclays Plc, said most are likely to see revenue surpass expectations in April. Connecticut’s personal-income taxes last month brought in $100 million more than forecast. While New York hasn’t reported April’s figures, its March tax receipts were higher than forecast.After Illinois’s April tax collections topped forecasts by $1.5 billion, Gov. J.B.
Even so, the extra revenue is a welcome development for Murphy, who promised a more conservative approach to forecasting than the prior administration that was handed a slew of bond-rating downgrades.
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