Salt Lake Tribune political coverage for Utah.
Income tax collections were $130 million lower than expected, but lawmakers says they’ve built ‘wiggle room’ into the state’s budget.
Lower-than-expected revenue is never good news, but don’t expect lawmakers to start slashing budgets.Schultz says when legislative leaders set this year’s budget, they purposely gave themselves some “wiggle room” in case of a shortfall,“We can pull that money out of those things if we need it,” Schultz said.
Those economic good times appear to be coming to an end. State government revenue collections declined nearly 7% over the first quarter of 2023, says“This decline is very much expected. States are seeing a significant decline in income tax revenues because of the weakness in the stock market,” Dayadan said.
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