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Childcare payroll tax bringing about $80 million a year; timing leaves about $20 million in general fund at fiscal close
Summary
The Department of Taxes told the Ways & Means Committee the new childcare contribution payroll tax is producing roughly $80to82 million annually, but timing and return reconciliation left about $20 million in the general fund at the end of the fiscal year; an IT upgrade is planned to reduce the lag.
Andrew Stein, chief operating officer at the Department of Taxes, told the Ways & Means Committee the childcare contribution payroll tax is producing roughly $80 to $82 million a year.
"You're looking at about 80 to $82,000,000 from this revenue source," Stein said, noting similar results whether the department measured fiscal-year returns, calendar-year cash receipts or year-to-date cash-in-the-door figures. He said the Joint Fiscal Officeestimate of about $81.9 million was nearly identical to collections.
Why some money sat in the general fund, Stein said, is a timing and data issue: withholding payments arrive continuously but the returns that…
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