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Economists predict higher revenue for Colo.

Published On: Dec 20 2012 01:35:21 PM CST
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What is the "fiscal cliff?" -- The "fiscal cliff" refers to the expiration of a series of economic measures (tax relief, reauthorization of unemployment insurance and the Job Creation Act of 2010) that are set to end this year.


Colorado economists say the state's tax receipts continue to be higher than expected, but uncertainty over fiscal cliff negotiations is preventing stronger growth.
Gov. John Hickenlooper's economists told lawmakers Thursday that Colorado's tax receipts will be $159.6 million higher this fiscal year than they estimated three months ago. The additional money is being invested in a savings account for schools.
But economists say tax receipts next year could slow down and change the state's revenue outlook if the fiscal cliff is not averted.
The latest figures continue a trend of growth in quarterly state forecasts this year. The state's general fund revenue for the current fiscal year that began in July is now projected to be $8.1 billion, compared to just under $8 billion predicted in September.


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