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La. income estimates tweaked to add taxes, ahead of new year

3 months 3 weeks 3 days ago June 30, 2016 Jun 30, 2016 Thursday, June 30 2016 June 30, 2016 5:45 AM in News
Source: Associated Press
By: ApNewsNow

BATON ROUGE - Louisiana's income forecasts have been updated to reflect tax changes backed by lawmakers, adjustments needed to keep the budget that begins Friday in balance.

But other money problems loom, including concerns Louisiana might have to take out a short-term loan to keep cash flowing and government services operating until taxes are collected.

The Revenue Estimating Conference on Thursday revised its income projections, to account for the more than $260 million in taxes raised in the just-ended special session and to add in dollars from fee hikes passed in the earlier regular session.

Total adjustments were about $371 million.

Cuts still will fall across state services when the new budget year starts Friday, and there are worries the state could close the books for the current budget year with a deficit.

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