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Revenue officials: OB3 will cut state revenue hundreds of millions, surtax and capital gains pose April risk
Summary
Department of Revenue testified that OB3 will reduce state tax collections by an estimated $664 million in FY2026 and $282 million in FY2027 and warned that surtax and capital‑gains volatility make April a critical hinge for the budget.
The Department of Revenue told the joint House and Senate Ways and Means committees that federal tax changes and market volatility have created a narrow margin for error as lawmakers set a consensus revenue figure for fiscal 2027.
"We estimate that OB3 will result in a $664,000,000 revenue loss in FY '26," said Jeff Snyder, Commissioner of the Department of Revenue, citing about $442 million from conformity provisions and $222 million tied to the increase in the SALT cap. DOR estimated a $282,000,000 loss in FY '27.
DOR presented…
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