State fiscal analysts did not spare the bad news when the Revenue Estimating Conference met Wednesday.
“Sales tax is stagnating,” Legislative Fiscal analyst Greg Albrecht advised, adding, “The employment numbers are so bad it’s going to bleed into those income tax numbers.”
Manfred Dix with the Division of Administration was a bit more understated with his pronouncements on the revenue downturns.
“A substantial downgrade in the corporate forecast is advisable,” Dix said, regarding the fact the state has paid out more in corporate tax refunds than it has collected in corporate taxes paid. “It is really bad.”