NEW CASTLE, Del. (AP) - The panel that sets Delaware's official revenue forecast has formally adopted the tax increases proposed by Gov. Jack Markell in January and approved by state lawmakers last month.
The tax increases boosted the official revenue estimate for the fiscal year starting July 1 by $27.9 million compared to the March estimate.
Projected revenue for fiscal 2015 grew by $156.7 million over last month's estimate.
Absent those tax increases, the revenue projection meter barely moved. The Delaware Economic and Financial Advisory Council added $100,000 to its 2014 forecast and $900,000 to the unofficial 2015 forecast.
For the current fiscal year, estimated revenue declined by $9.3 million, with slight increases in gross receipts and real estate transfer taxes offset by decreases in expected revenue from personal income, estate, cigarette and insurance taxes.
