News Date: Monday, May 23, 2022
The IFO projected its initial revenue estimates for FY 2022-2023.
On May 23, the Independent Fiscal Office (IFO) released its initial revenue estimates for FY 2022-2023 and its updated revenue estimate for the remainder of FY 2021-2022. The state is slated to end its current fiscal year with almost $48 billion in revenue, which is an increase of more than $5.8 billion over what the IFO had originally projected. The IFO’s initial estimate for revenue in the coming FY 2022-2023 anticipates an 11.5% drop in revenue to just under $42.3 billion. This would include an estimated drop in corporate income tax of 8.8% and contraction of corporate profits by 5%.