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State Could See Some Extra Revenue In Current Budget Year

Associated Press0

MITCHELL, S.D. (AP) — State Economist Jim Terwilliger says South Dakota’s coffers may end up with some extra revenue for the current budget year if recent tax collection levels continue.

The Governor’s Council of Economic Advisors met Wednesday to discuss the state’s economy.

Terwilliger says lawmakers during the legislative session adopted a conservative estimate of how much revenue would come in for the budget year in sales taxes, a key state revenue source.

That’s largely because of a slowdown in the state’s agricultural economy. But sales tax collections jumped in April.

The year-to-date sales tax growth is slightly above the 1.6 percent increase lawmakers anticipated for the full year.

Terwilliger says it would likely mean more money for the state if most taxes perform like they have over the last two months.

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