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Senate report raises state revenue outlook; one-time receipts jump to about $78 million
Summary
Senator McAllister presented revised fourth-quarter revenue estimates that increase projected one-time receipts for June 30, 1994, to about $78 million and add roughly $32 million in ongoing revenue for 1995, driven largely by sales-and-use taxes; senators noted options including reduced bonding, tax cuts, or redirected earmarks.
Senator McAllister told the Utah State Senate that updated fourth-quarter collections have improved the state’s revenue picture, raising projected one-time revenues for the year ending June 30, 1994, from about $53 million to roughly $78 million.
McAllister said sales-and-use taxes accounted for the largest share of the increase, with insurance, tobacco, and corporate franchise taxes…
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