DES MOINES, IOWA (AP) -- Forecasters have slashed nearly $415 million from their projections of how much money Iowa will collect in taxes during this fiscal year.
The three-member Revenue Estimating Conference on Wednesday blamed the revised estimate on a recession that has been deeper and longer-lasting than expected.
Gov. Chet Culver is obligated to abide by the panel's projections and is expected to respond with significant cuts to the budget.
The panel projects the state will collect $5.4 billion in taxes this year, down from the $5.85 billion in had projected in March.
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