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Delaware Panel Lowers Official State Revenue Forecast

According to the Delaware Economic and Financial Advisory Council, the state’s revenue for the current fiscal year is $43.5 million less than the amount on which lawmakers based this year’s budget. The council also lowered its revenue forecast for fiscal 2018 by about $6 million, a change that amounts to zero revenue growth over the next year based on current projections. The biggest factor in the lower revenue forecast for this year was abandoned property collections, with $20 million in anticipated receipts deferred until next year.

Delaware has been the subject of several lawsuits in recent years from corporations finding fault with the way the state aggressively targets abandoned property, reaching back several years into companies’ records to search for it and using estimates to calculate what it is owed when documentation is lacking. Gov. Jack Markell’s administration would be introducing legislation in December to address outstanding issues, including possibly shortening the “lookback” period in which the state investigates a company’s records.

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