(August 19, 2008)--The revenue projection for the state's new business tax has been lowered again, this time by about $1.5 billion.
The state's chief revenue estimator, John Heleman, offered the update Tuesday in Austin to legislators.
State income from the newly revised business tax was expected to reach almost $6 billion for the current fiscal year, but Heleman says the number will likely be closer to $4.5 billion.
Heleman says it's a brand new tax with a different base and a different set of rates.
About half of the money is slated to go to the state's Property Tax Relief Fund.
Authorities say much of the lost revenue will likely be offset by higher-than-projected sales-tax income, which is up by about $600 million.
Projections from the severance tax on oil and gas drilling also have increased.
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