Thank goodness the state beat its tax revenue estimates for January. Collections exceeded estimates by about $24 million. Nearly all those gains were in corporate income taxes and retail sales taxes – encouraging signs for the economy. But the January results should be kept in context. The state drastically lowered its revenue estimates last November. Also, $24 million won’t do much to fill a budget hole of about $900 million over the next 17 months. Still, any additional revenue helps, and clearing a lowered bar is better than missing it.
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