Senate Ways and Means adopts 2025–27 revenue estimates after cautionary economic discussion

At a meeting of the Senate Ways and Means Committee (date not specified), members approved a package of revenue estimates for fiscal years 2025–27 that will feed into the budget process. The committee set a series of line-item forecasts by voice vote after debate about the state’s economic outlook, tax enforcement and new gaming capacity.

The numbers adopted on a series of voice votes include revised forecasts for business taxes, room-and-meal taxes, tobacco taxes, lottery receipts and several other dedicated revenue lines. Committee members repeatedly emphasized caution — several members argued for conservative estimates to avoid creating a shortfall that later would require cuts — while others argued certain streams (notably lottery revenues tied to historic-horse-racing machines) should be raised to reflect recently opened or expanded facilities.

Committee members discussed national economic signals, tariff uncertainty and Federal Reserve policy as factors shaping revenue prospects. The committee chair (name not specified) said, “Our goal by the end of this session will be to have predictions,” and staff said the figures approved…