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Department of Revenue defends revenue projections and outlines tax-structure changes in budget hearing
Summary
Secretary Brown outlined the administration's revenue projections, defended a small variance from estimates, described accelerating the corporate net income rate to 4.99%, proposed converting antiquated bank and financial levies to CNI, and said the expanded property tax/rent rebate reached roughly 525,000 recipients; the department projected a $120 million annual revenue gain from a $15 minimum wage.
Secretary Brown told the Appropriations Committee that the Department of Revenue's revenue estimates remain within standard accuracy tolerances even where nominal dollar variances (about $37 million on a $47 billion base) appear large. "Plus or minus 2% against an estimate is what anybody who relies on that for purposes of appropriating should expect," he said.
On tax-structure changes the administration presented several proposals aimed at modernizing the state tax code and broadening the base. Secretary Brown described accelerating the corporate net income (CNI) rate reduction toward 4.99% and moving banking…
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