Monthly Archives: May 2015

economists

State economists project $477.5 million income tax refund

Today, state economists released the final economic and revenue forecast of the 2013-15 biennium. Throughout the course of the past year, economists have cautioned the reality of a relatively small personal income tax kicker for the current biennium as a result of the economic recovery and minor changes to the state’s tax regime. Earlier this year, the forecast projected a $349.3 million refund being issued to personal income taxpayers by the end of the biennium. Today’s release increased the value of this payment by approximately $128 million, with an average refund of $284 per taxpayer. Read more…