Florida’s tax revenues boom as budget runs $365 million ahead of projections

Florida’s tax revenues boom as budget runs $365 million ahead of projections

By News Service of Florida (Tampa Bay Times) –

TALLAHASSEE — With an unexpected surge in sales-tax and corporate income-tax collections, analysts on Tuesday projected a significant increase in state revenue over two years.

If the revenue projections hold, it will ease the financial pressure on incoming Gov. Ron DeSantis, as he prepares his first budget recommendation, and on the Legislature, which must pass a 2019-2020 state budget when it meets in the spring.

State revenue collections during the fiscal year that started July 1 have been running $365.2 million ahead of projections that had been last revised in August. The two largest components of that increase were $173.5 million in sales-tax collections running ahead of estimates and $126 million in additional corporate income-tax collections.

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