Spikes in corporate franchise and income taxes have boosted Delaware’s official revenue estimates as the Markell administration fashions a budget proposal for the upcoming fiscal year.
The Delaware Economic and Financial Advisory Council on Monday increased its estimate for the current fiscal year by $88 million compared to its September forecast.
The panel’s revenue estimate for fiscal 2017, which starts July 1, increased by $79 million, even after trimming an initial estimate by $7 million because of expected job cuts and the resulting drag on personal income taxes from DuPont Co.’s merger with Dow Chemical.
Estimated net corporate income taxes for 2016 increased by $58 million from September, while estimated net corporate franchise taxes increased by $26 million.
Markell will present his fiscal 2017 budget proposal to lawmakers next month.