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Forecast shows state losing millions yearly because of tax cuts

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The state’s economic forecasters are predicting a hit to state coffers in years ahead because of tax breaks passed this legislative session. The losses total in the tens of millions each year until 2021, according to a report posted online Tuesday. Still, the lost revenue per year counts as less than a percent of the state’s annual budget, which this year is roughly $82 billion. And despite the tax cuts, the state’s Financial Outlook Statement shows general revenue should nonetheless grow every year. The Revenue Estimating Conference,…

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