Delaware panel raises revenue forecast for this year, lowers estimate for next

DOVER, Del. (AP) — A state panel raised the Delaware government’s revenue forecast but lowered its estimate for the fiscal year beginning July 1.

Delaware’s Economic and Financial Advisory Council, which sets the state’s official revenue estimates, raised its revenue forecast for this fiscal year by $62 million on Monday compared to its March forecast. Much of the gain is due to higher personal and corporate income tax projections. Those increases were partially offset by lower corporate franchise tax estimates, higher personal income tax refunds, and drops in business entity fees and dividend and interest income.

For fiscal 2024, the panel lowered its estimate by about $51 million compared to the March forecast. The change was due to a $71 million decrease in estimated interest and dividend income, partially offset by a slight rebound in corporate income tax projections.

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