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Legislative analysts report small revenue uptick but warn fiscal 2026 outlook remains uncertain
Summary
Office of Legislative Services told the Assembly Budget Committee that updated forecasts put state collections at about $55.4 billion for FY2025 and $57.06 billion for FY2026, a modest two‑year upward revision; OLS cautioned that market volatility and recent tax‑law changes leave FY2026 outlook uncertain.
Doctor Mendez of the Office of Legislative Services told the Assembly Budget Committee that updated forecasts put total state collections at $55,400,000,000 for fiscal 2025 and $57,060,000,000 for fiscal 2026, a two‑year upward adjustment of roughly $97,000,000 (0.1%). "We are now projecting 55,400,000,000.0 in total collections for fiscal 25 and 57,060,000,000.00 for fiscal 26," he said.
The adjustment reflects stronger-than-expected gross income tax (GIT) receipts and weaker corporate business tax (CBT) collections. OLS reported that GIT collections outpaced last April by $670,400,000 (about 18.7%), boosting year-to-date GIT growth to about $1.6 billion (10.4%). By contrast, April CBT collections fell about $226,900,000, or roughly 18.3%,…
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