State's Expected July Fiscal Cliff Shrinks

Flag of Louisiana sticking in various american banknotes.(series

The Revenue Estimating Conference says Louisiana's budget in the next fiscal year will be about $650 million in the red.

It's a fiscal cliff that state lawmakers and the governor have been grappling with to fix for a while now because of temporary taxes expiring July 1st.

The latest deficit projection presented yesterday to state lawmakers is far short of the earlier estimate of $1 billion, thanks in part to a federal tax overhaul that's impacting income taxes paid to the state.

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