Revenues through the first five months of the fiscal year from the general income tax (+5.4%), sales tax (+8.8%) and CBT (+33.1%) are all well above projections with total major tax revenues up 10% compared to the first five months of last year. The projected growth rate is only 0.6%. Treasury does caution that “there remains ongoing uncertainty surrounding the continuation of these trends for the remaining seven months of FY 2020”. For example, Treasury projects CBT growth to moderate and decline due to non-recurring payments not expected to repeat, potential corporate over-payment in the current low interest rate environment and the temporary 2.5% CBT surtax declining to 1.5% on January 1, 2020.
Chris Emigholz VP Government Affairs