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Panel updates Delaware revenue forecast

NEW CASTLE, Del. (AP) -- The panel that sets Delaware's official revenue projections has offered a mixed bag in updating its financial forecast.

The Delaware Economic and Financial Advisory Council on Monday lowered projected revenues for the current fiscal year by $26.5 million, saying some $45 million in corporate income taxes will be collected in the fiscal year starting July 1, rather than this year. An overall drop of about $51 million in estimated corporate income tax was partially offset by an increase of almost $17 million in estimated personal income taxes.

For the coming fiscal year, DEFAC boosted revenue estimates by $37.6 million, reflecting the shift in collecting the $45 million in corporate income taxes. An $11.7 million increase in personal income taxes was offset by a $16.3 million drop in estimated bank franchise taxes.