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DOR projects range for FY25–26 revenue; assumes SALT cap extension while flagging surtax timing risks
Summary
The Department of Revenue told the Joint Committee on Ways and Means that FY25 non‑surtax revenue likely falls between $39.447 billion and $40.063 billion, with FY26 non‑surtax forecasted between $40.206 billion and $41.286 billion. Officials cautioned that capital‑gains volatility, potential federal tax changes and surtax timing complicate estimates.
The Department of Revenue told the Joint Committee on Ways and Means on the opening day of FY26 budget work that the commonwealth’s revenue outlook remains uncertain but measurable within a range.
Commissioner Jeff Snyder said FY24 collections totaled about $40.8 billion, with surtax receipts accounting for roughly $2.429 billion of that total. After adjusting for surtax, DOR estimated FY24 non‑surtax collections were about $463 million below its FY24 benchmark. “We estimate that FY24 surtax revenue totaled 2,429,000,000,” Snyder said during his presentation.
DOR presented a range for FY25 non‑surtax revenue of $39.447 billion to $40.063 billion and for FY26 non‑surtax revenue of $40.206 billion to $41.286 billion.…
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