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DRA presents narrow FY25 ranges, flags uncertainty for FY26–27 growth
Summary
The Department of Revenue Administration (DRA) gave the Senate Ways and Means Committee conservative low–high revenue ranges for major taxes, saying most FY25 receipts are in and projecting modest growth or declines in FY26–27 amid economic uncertainty.
Lindsay Stepp, commissioner of the Department of Revenue Administration, told the Senate Ways and Means Committee that most of fiscal year 2025 revenue is already collected and presented low–high estimates for major tax sources, stressing uncertainty for fiscal years 2026 and 2027.
The presentation covered business taxes, meals and rentals, tobacco, the now-repealed interest and dividends tax, the communication services tax, real estate transfer tax and utility property tax. Stepp said the committee’s seat is advantaged because the Senate normally has 10 months of revenue in hand and needs to estimate only the last two months.
Stepp said business taxes are “about 15% below plan” year to date and provided a FY25 range with a low based on performing like prior year and a high that assumes making plan for May and June;…
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