Updated "Big Three" Revenue Outlook (August 2026)

Updated Revenue Outlook in Line with Budget Act. Our updated forecast anticipates revenues from the state’s three largest taxes (income, corporation, and sales) will be similar to those assumed in the Budget Act enacted in June. We continue to caution that the stock market appears to be in the midst of a speculative bubble. The risk of a significant reversal in the market and associated state income tax collections remains high.