Official revenue estimates tick up slightly as Delaware lawmakers eye governor’s proposed budget

DOVER, Del. (AP) — Delaware’s official government revenue forecast for the current fiscal year has grown by more than $70 million since December, but officials still expect total general fund revenue to be slightly lower than last year.

Meeting for the first time this year, the Delaware Economic and Financial Advisory Council on Monday boosted the fiscal 2024 revenue forecast by $71.5 million compared to its December estimate.

The increase is primarily attributable to a $35 million increase in projected personal income tax revenue, and a $34 million increase in the corporate income tax estimate.

David Roose, director of research and tax policy for the state Department of Finance, told DEFAC members that the growth in personal income tax withholding is due partly to strong bonus growth, especially in the financial services industry.

Meanwhile, a projected gain of $15 million from lower abandoned property refunds was largely offset by an $11 million decline in estimated real estate transfer taxes, as the housing market continues to struggle with high interest rates. Estimated real estate tax revenue for fiscal 2025, which starts July 1, declined by $12 million compared to December’s forecast.

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