State Tax Expenditure Report Shows $1.6 Billion

State Tax Expenditure Report Shows $1.6 Billion

A new state report on tax expenditures shows that the total estimated foregone revenue in 2008 was $1,672,672,928. That is the total amount of tax revenue the state did not see that year due to exemptions, credits, deductions, exclusions, and other tax breaks. The largest amount of foregone revenue was in exemptions, which came out to $945,539,385. Click here to read the full report.