- The quarterly State Revenue Forecast was issued today.There are two key numbers you need to know.
First, the legislature is projected to have an additional $67.7 million in tax revenue to spend for the upcoming 2019-21 budget cycle. This increase in projected revenue will close nearly 10% of the state’s structural $623 million budget deficit for the cycle. Combined with the passage of HB 2010 (the $510 million Medicaid funding package), the deficit is nearly closed.
Second, the projected “kicker” refund to taxpayers next will increase from a projected $728 million to a projected $748.5 million.
- It has come to our attention that some of our members may be unaware of the impacts on Cap & Trade (House Bill 2020) on their commercial, non-profit or light industrial members.
Please see this release from the NW Gas Association. The natural gas impacts alone are staggering. Legislators are now eyeing raising $1.1 billion per budget cycle with the HB 2020 cap and trade bill.