Governor M. Jodi Rell announced that her budget office now estimates
the deficit for the current fiscal year at nearly $922 million – even after the
latest round of budget cutting – because income tax, business tax and sales tax
collections have fallen dramatically below expectations.
The most recent deadline for quarterly estimated income tax payments was
January 15. Those payments were 20 percent below projections, and if these
trends continue income tax revenues for the entire year will likely fall $665
million – nearly two-thirds of a billion dollars – below projections, Governor Rell said.http://www.ct.gov/governorrell/cwp/view.asp?A=3675&Q=432234