April 06, 2023
PUBLIC FINANCE > Budget > FY 2023

Brief Primer on FY 2023 Tax Revenue Benchmark Upgrade

In January, budget-writers upgraded the Fiscal Year (FY) 2023 tax revenue benchmark by just over $150 million, from $39.618 billion to $39.768 billion. Tax collections for the month of March (announced on April 5th) are the first collections to be compared to the new, upgraded, FY 2023 benchmarks. This brief explains how the revenue benchmarks were upgraded and contextualizes the March collections.