Transcript Highlights:

• , soil, physics-based soil modeling, taking data from end-on, so another state resource using meteorological

Summary: The meeting began with approval of the prior minutes and opening remarks from NDSU President David Stewart, who emphasized NDSU’s land-grant mission of statewide service through teaching, research, and extension. He highlighted the university’s role in agriculture, water, soil health, and community outreach, and pointed to examples of research commercialization such as Lilac Agriculture’s work on nitrogen-fixing microbes for crops. He also said he is still early in his tenure and intends to spend time listening and learning across the state. The committee then received a detailed presentation on a state irrigation and drainage study from Tom Bodine on behalf of Agriculture Commissioner Doug Goehring. The study estimated that North Dakota could develop about 1.3 million additional irrigated acres, with major potential in counties such as McLean, Williams, Sargent, Burleigh, Mountrail, McKenzie, McIntosh, Dunn, and Bottineau. Testimony stressed the economic benefits of irrigation for crop yields, value-added processing, dairy, and potato production, while members also discussed water availability, aquifers, downstream water use, and the need for more flexible permitting. The drainage portion of the study found significant economic benefits from legal drains, and staff explained that the impacts were calculated through increased productivity and related input purchases. Greg Lardy then gave NDSU’s required agriculture update, saying agriculture accounts for more than $41 billion in annual economic activity, one in five jobs, and about 25 percent of state GDP. He reviewed the role of SBAR, the statewide research-extension network, new crop varieties, virtual fencing, AI and weather-network tools, and Extension’s county partnerships and youth programs. He also outlined NDSU’s priorities for the next session: restoring proposed budget cuts, increasing operating support, and addressing deferred maintenance. Members asked about storage shed construction, NDSU’s relationship with Grand Farm, and whether NDSU could help with water-related research tied to drainage and aquifers. The committee also heard from the North Dakota Water Resources Research Institute and a professor on water and data centers, who described graduate fellowships, a water workforce certificate program, and research on data center cooling, water use, and “Legendary Harvest” concepts that would reuse waste heat for greenhouse or aquaculture production. Questions focused on whether the cooling systems were closed-loop, who would own any related production facilities, and whether the project was still only a feasibility study. Finally, North Dakota AgTech described its NSF-funded “engine” project, saying it has brought millions in federal investment to the state, supported startups and on-farm trials, and is focused on commercialization, workforce development, and helping producers lower input costs and improve profitability.

Transcript Highlights:

• House Bill 2898 by Frank relates to requirements for... ...certain meteorological evaluation towers.

Bills: HB1520, HB1545, HJR110, HJR203, HB245, HB1465, HB1482, HB294, HB793, HB809, HB3928, HB334, HB2037, HB1973, HB285, HB4341, HB4264, HB 1043, HB837, HB 1234, HB 1193, HB 1194, HB1646, HB1729, HB2498, HB1314, HB2295, HB1353, HB1531, HB1988, HB5398, HB3960, HB3923, HB1407, HB1764, HB2221, HB2214, HB2517, HB2518, HB2213, HB5008, HB5092, HB3421, HB3663, HB3748, HB3800, HB3756, HB2613, HB3782, HB5246, HB4344, HB4044, HB4066, HB2702, HB2807, HB2869, HB2898, HB3181, HB3250, HB4153, HB2091, HB2115, HB2542, HB2768, HB3349, HB3352, HB4406, HB1593, HB1899, HB3133, HB4432, HB4960, HB3214, HB3915, HB3508, HB2145, SB304, SB608, SB2312, SB494, SB530, HB45, HB2520, HB35, HB47, HB318, HB349, HB554, HB1359, HB1373, HB2254, HB2259, HB2853, HB3073, HB3088, HB353, HB355, HB786, HB762, HB705, HB932, HB849, HB 1119, HB3041, HB713, HB3104, HB3970, HB4042, HB4490, HB1731, HB2607, HB3689, HB1788, HB1612, HB138, HB15, HB1971, HB1338, HB2989, HB267, HB 1201, HB2954, HB5265, HB1804, HB5061, HB1520, HB1545, HJR110, HJR203, HB1887, HB1914, HB2402, HB2306, HB1809, HB2350, HB3000, HB3237, HB3326, HB3211, HB 1056, HB2081, HB2187, HB3092, HB3308, HB3526, HB3750, HB3527, HB4219, HB4230, HB4290, HB5238, HB4804, HB4749, HB245, HB1465, HB1482, HB294, HB793, HB809, HB3928, HB334, HB2037, HB1973, HB285, HB4341, HB4264, HB 1043, HB837, HB 1234, HB 1193, HB 1194, HB1646, HB1729, HB2498, HB1314, HB2295, HB1353, HB1531, HB1988, HB5398, HB3960, HB3923, HB1407, HB1764, HB2221, HB2214, HB2517, HB2518, HB2213, HB5008, HB5092, HB3421, HB3663, HB3748, HB3800, HB3756, HB2613, HB3782, HB5246, HB4344, HB4044, HB4066, HB2702, HB2807, HB2869, HB2898, HB3181, HB3250, HB4153, HB2091, HB2115, HB2542, HB2768, HB3349, HB3352, HB4406, HB1593, HB1899, HB3133, HB4432, HB4960, HB3214, HB3915, HB3508, HB2145, HCR6, HCR12, HCR34, HCR50, HCR55, HCR58, HCR70, HCR71, HCR72, HCR74, HCR75, HCR78, HCR80, HCR93, HCR100, HCR107, HCR116, HCR117, HCR90

Keywords: Angelina and Neches River Authority, river authority, Sunset Advisory Commission, Texas Sunset Act, Special District Local Laws Code, local government, natural resources, board of directors, director training, board governance, public testimony, open meetings, public information, conflict of interest, ethics, complaint system, general manager, board president, staggered terms, removal of director

Transcript Highlights:

• would determine what the emissions rates are, uh, and then use that information to then use a meteorological

Bills: HB 1520, HB 1525, HB 1530, HB 1535, HB 2068, HB 2091, HB 2347, HB 2372, HB 2805, HB 2815, HB 2867, HB 3154, HB 3482, HB 3483, HB 3663, HB 3781, HB 3901, HB 3915, HB 4135, HB 4153, HB 4158, HB 4329, HB 4331

Keywords: Angelina and Neches River Authority, river authority, Sunset Advisory Commission, Texas Sunset Act, Special District Local Laws Code, local government, natural resources, board of directors, director training, board governance, public testimony, open meetings, public information, conflict of interest, ethics, complaint system, general manager, board president, staggered terms, removal of director

Transcript Highlights:

• HB 2898 by Frank, relating to requirements for certain meteorological evaluation towers.

Summary: The House convened with a quorum, heard the invocation and pledges, and then took up a series of memorial resolutions and recognitions. Members adopted memorial resolutions honoring former President Jimmy Carter and Dr. Alice Gail Hudgens, with remarks highlighting their public service and community impact, and adopted resolutions recognizing Victoria College’s 100th anniversary and May 2025 as Mental Health Awareness Month. The chamber also recognized Texas A&M system interns and later granted permission for several committees to meet while the House was in session. The House then moved through a long third-reading calendar, passing a number of bills on wide margins. Measures approved included SB 304 on municipal court jurisdiction over nuisance abatement ordinances, SB 608 on reporting evidence collection kits, SB 2312 creating a Texas Advisory Committee on Geopolitical Conflict, SB 494 creating a petroleum theft task force, SB 530 on postsecondary accreditation, HB 45 giving the Attorney General a role in prosecuting human trafficking cases, HB 35 on peer support for first responders, HB 47 and HB 3073 on sexual assault policy and prosecution, HB 318 and HB 3000 creating rural sheriff and ambulance grant programs, HB 554 on Juneteenth fireworks sales with county opt-in authority restored, HB 705 and HB 932 joining licensure compacts for cosmetology and occupational therapy, HB 849 allowing county park boards to meet by video conference, HB 1119 on mental health bed reporting, HB 3041 on students with nontraditional secondary education, HB 713 on maternal mortality review reporting, HB 3104 on Webb County bailiff appointments, HB 3970 on electricity planning for large loads, HB 4042 on Railroad Commission safety provisions for gas distribution pipelines, HB 4490 protecting next-of-kin information, HB 1731 on the physician assistant compact, HB 2607 on Walker County Hospital District governance, HB 3689 on Texas Windstorm Insurance Association funding, HB 1788 on continuing education for barbers and cosmetologists about abuse and trafficking, HB 1612 on hospital direct payments for uninsured patients, and HB 138 on health impact cost and coverage analysis. Several bills drew extended debate or amendments. HB 353, creating a trespass offense near schools and daycares, prompted questions about constitutional concerns and property rights before passing. HB 3211 on optometrists in managed care plans received a perfecting amendment and a Medicaid-related amendment setting a minimum payment level. HB 1056 on gold and silver specie and a state-based currency prompted detailed questioning about its mechanics and fees, followed by a point of order challenging the caption. The House also adopted or postponed a number of items, including postponing HB 2520 and HB 1359 until later in the calendar before later passing both, and laying several bills on the table subject to call. Many measures passed overwhelmingly, while a few, including HB 3326 on loan forgiveness for adjunct professors and HB 3237 on energy consumption goals, passed with narrower margins.

Bills: HB3407, HB1242, HJR1081, HB3443, HB3781, HB1939, HB4237, HB3430, HB3321, HB3905, HB3329, HB4253, HB4421, HB4311, HJR1046, HB2015, HB3244, HB4265, HB3941, HB4203, HB2941, HB3695, HB3380, HB3132, HB3673, HB3134, HB3383, HB4490, HB4058

Keywords: property rights, abandoned homes, manufactured homes, notification, salvage, real estate, Oklahoma Tax Commission, landowner liability, redemption, HB1242, cervidae, deer, elk, sales tax exemption, agricultural exemption, livestock, ranching, farm tax, agricultural sales tax, agriculture

Transcript Highlights:

• . forecast. forecast.
• forecast.
• /c><00:15:36.320> forecast<00:15:36.720> for forecast reflects a higher forecast for forecast
• This forecast change is due to forecast.
• services forecast. services forecast.

Keywords: 1183, house

Summary: Minnesota Management and Budget officials presented the February 2026 budget and economic forecast, saying the state remains in a strong financial position but faces continued structural imbalance and significant uncertainty. Commissioner Aaron Campbell said the FY 2026-27 balance is now projected at more than $3.7 billion, up about $1.3 billion from November, and the FY 2028-29 planning period is projected to end with a $377 million positive balance. He emphasized that the improvement comes largely from higher projected revenues, especially individual income and corporate franchise taxes, but warned that the state is increasingly reliant on more volatile sources such as capital gains, interest income, and corporate profits. State Economist Dr. Anthony Becker said the national outlook improved slightly, with stronger projected GDP, consumer spending, and investment, but weaker payroll growth and ongoing trade-policy uncertainty. He noted that the forecast was complicated by missing federal data because of the federal shutdown, and that tariffs, immigration policy, equity markets, and possible AI-related shifts all present risks. Revenue projections were raised for the current biennium, including individual income tax receipts, sales tax revenue, corporate franchise tax revenue, and other revenues, while Becker stressed that federal funding threats, especially involving Medicaid and other entitlement programs, could materially alter the outlook. State Budget Director Anna Mingi said general fund spending in the current biennium is projected to be $68 million lower than previously estimated, but planning-year spending is up $152 million. The biggest spending changes came from education, where special education costs rose sharply after updated local spending data, and from human services, where a new prepayment review process for certain Medicaid benefits reduced projected spending by $133 million this biennium and $105 million in the next. She also said discretionary inflation is now estimated at $1.04 billion, up $104 million from November. Campbell closed by saying the state’s reserve remains at a record $3.8 billion and that Minnesota’s AAA bond rating and reserve policy help protect against downturns. He cautioned, however, that the long-term structural imbalance remains about $3.4 billion in the planning years, or $2.3 billion excluding discretionary inflation, and urged policymakers to offset any new spending with reductions. No votes or formal actions were taken; the meeting was a presentation and question-and-answer session on the forecast.

Transcript Highlights:

• the November forecast. forecasting. forecasting.
• forecast.
• . forecast. forecast.
• . forecast. forecast.
• the forecast. the forecast.

Keywords: 1187, senate, all

Transcript Highlights:

• 2025 forecast.
• earlier forecast.
• . forecast. forecast.
• SPGMI<00:10:44.240> forecasts SPGMI forecasts SPGMI forecasts a<00:10:46.560> roughly<00
• forecast that wasn't in previous budget forecast cycles?

Keywords: 919, house, all

Summary: Minnesota Management and Budget Commissioner Aaron Campbell, State Economist Dr. Tony Becker, and State Budget Director Anna Mingi presented the November 2025 budget and economic forecast. Campbell said the state now projects a nearly $2.5 billion surplus at the end of the 2026-27 biennium, about $575 million better than the end-of-session estimate, but also a projected negative balance of about $2.9 billion in FY 2028-29, reflecting a worsening structural imbalance. He said the budget reserve stands at $3.4 billion, with cash flow and budget reserves totaling $3.8 billion after a $244 million addition, and emphasized that Minnesota’s AAA bond rating and reserve policy remain strengths even as future sessions will need to address the long-term gap. Becker said the national economic outlook has changed only modestly since February, but growth remains below trend through the forecast horizon. He cited slower consumer spending, weak private investment, continued tariff uncertainty, lower projected immigration, and modest inflation that stays near 3% through 2026 before easing. Revenue forecasts for the next biennium were revised up to $66.3 billion, driven mainly by higher individual income tax receipts and other revenue, partly offset by lower sales and corporate tax forecasts. He also noted risks from federal policy changes, the recent shutdown’s effect on data availability, and possible equity market volatility. Mingi said general fund spending is projected to rise sharply, with current biennium spending up $3.4 billion from end-of-session estimates and planning-year spending up $1.9 billion. She attributed much of the increase to carryforward from prior one-time appropriations, discretionary inflation, and especially Medical Assistance. MA costs are projected to be about $2.5 billion higher over 2025-29, largely because managed care rates rose more than expected due to higher utilization and higher-cost services, including pharmacy costs, while long-term care and disability waiver costs also increased. In response to questions, officials said the federal reconciliation bill had only a relatively small effect on the health care changes, and that the carryforward amounts reflect unspent prior appropriations that now show up in later years rather than new spending.

Transcript Highlights:

• As you can see, we now forecast a positive balance of $456 million, again $160 million less than we forecasted
• <00:02:44.239> risk introduce considerable forecast risk introduce considerable forecast risk
• on to the November forecast estimates on to the November forecast estimates on the<00:02:58.440
• off the baseline forecast.
• forecast.

Keywords: 919, house, all

Summary: Minnesota Management and Budget presented the February 2025 budget and economic forecast, with Commissioner Aon Campbell, State Economist Anthony Becker, and Budget Director Anam Mingi outlining updated revenue, spending, and long-term balance projections. The state’s FY 2026-27 general fund outlook remains positive but weaker than in November, with an ending balance of $456 million, down $160 million from the prior forecast. Looking ahead, the planning years FY 2028-29 show a projected deficit of just under $6 billion, driven largely by spending growth outpacing revenues. Officials emphasized that discretionary inflation is a major factor in the forecast, but also noted that those amounts are not automatically appropriated and would require legislative action. Becker said the national outlook has changed since November, with higher expected inflation, higher interest rates for longer, and slower growth in later years. He highlighted uncertainty around tariffs, trade policy, immigration policy, federal spending, and possible changes to tax and debt-ceiling policy, all of which could affect Minnesota’s economy and revenues. Minnesota’s labor market remains tight, with low unemployment and rising wages, and the revenue forecast was revised upward overall for FY 2026-27, including higher income and sales tax receipts, though corporate tax revenue was slightly lower than previously projected. Mingi said projected general fund spending is up $79 million in FY 2026-27 and $960 million in FY 2028-29 compared with November. The largest increases are in education and health and human services, especially due to inflation, higher pupil counts, special education costs, long-term care, and higher Medical Assistance spending. She noted that higher utilization of weight-loss drugs also raises Medicaid costs, and that a smaller assumed bonding bill helps offset some debt service costs. The commissioner and staff repeatedly warned that federal policy changes, especially possible Medicaid reductions, pose a major risk; they said Minnesota could face billions in lost federal funding, including a potential $2.4 billion hit if the enhanced Medicaid match for adults without children were eliminated. No votes or legislative actions were taken in the presentation.

Transcript Highlights:

• . forecast. forecast.
• Now in the control forecast forecast forecast you<00:31:50.399> can<00:31:50.559> see<00
• pessimistic forecast. pessimistic forecast.
• forecasts as well. forecasts as well.
• This is actually a forecast forecast forecast uh<01:37:49.440> from<01:37:49.840> a<01:

Keywords: 958, all

Summary: The meeting focused on reaching consensus on official Kentucky revenue estimates for fiscal years 2026 through 2028, using updated S&P Global economic forecasts compared with the September presentation. Staff explained that the updated forecast relied partly on alternative data because of the federal government shutdown, and they walked through changes in national and Kentucky economic assumptions across control, optimistic, and pessimistic scenarios. The control forecast was described as slightly more optimistic in the near term but more cautious in fiscal 2027 and 2028, with GDP growth revised up for the current year and down somewhat in the outer years. The pessimistic scenario now assumed a two-quarter recession beginning in the current quarter, while the optimistic scenario was given a higher probability weight than before. The presenters highlighted several Kentucky-relevant variables that changed since September, including weaker manufacturing employment, weaker housing starts, weaker consumer sentiment, and lower expected non-farm employment in fiscal 2026. At the same time, wage and salary disbursements were revised upward in fiscal 2027, reflecting higher disposable income from tax changes, and real consumer spending was expected to be stronger in the near term. They also discussed assumptions about tariffs, business profits, the Federal Reserve, unemployment, oil prices, retail sales, vehicle sales, exports, and consumer sentiment, noting that some indicators were little changed while others shifted materially. Consumer sentiment was attributed to affordability concerns, tariff impacts, and a general sense of malaise, but was expected to improve in later years from a low base. Members asked follow-up questions about why the forecast worsened in later years and about the consumer sentiment assumptions. Staff responded that the forecast assumed larger take-home pay and refunds from tax withholding changes, along with some easing of tariff effects, which they believed would help offset a negative wealth effect from stock market declines. They also noted that S&P Global’s December forecast, which had already been published, was essentially consistent with the presentation and that the firm believed its earlier assumptions had tracked recent data well. No vote or final action was recorded in the portion provided, but the discussion was aimed at settling the revenue estimates that will underpin the upcoming branch budget bills.

Transcript Highlights:

• <00:02:39.319> a 2829 where we continue to forecast a 2829 where we continue to forecast a
• <00:04:02.640> in million less than we'd forecasted in million less than we'd forecasted in
• forecast uh SP gmi's Baseline forecast forecast uh SP gmi's Baseline forecast assumes<00:10:27.320
• I'd now like to forecast some of the risks to this forecast.
• tax receipts are also forecasted to be higher than in the prior forecast for both biennia.

Keywords: 1187, senate, all

Transcript Highlights:

• So that brings us to the February forecast and trends in the current forecast.
• forecast.
• the forecast horizon. the forecast horizon.
• Similar to what we talked about with the November forecast, this compares forecast to forecast.
• <00:51:30.559> The compares forecast to forecast. The compares forecast to forecast.

Keywords: 1187, senate, all

Transcript Highlights:

• The increased forecast forecast.
• the November forecast. the November forecast.
• . rise forecast over forecast.
• And what rise forecast over forecast.
• . forecast. forecast.

Bills: HF3425

Keywords: supportive housing, grants, housing assistance, funding, Minnesota Statutes, 1183, house

Transcript Highlights:

• The baseline forecast baseline forecast.
• we saw in the control forecast. we saw in the control forecast.
• and an optimistic forecast. and an optimistic forecast.
• when we forecast uh revenues. when we forecast uh revenues.
• /c><02:44:42.160> extraction forecast he forecast all the extraction forecast he forecast all

Keywords: 958, all

Summary: The meeting focused on preliminary fiscal 2026 revenue estimates and the governor’s office request for an official revision to fiscal 2026, with members reminded that any estimate adopted now would not bind the December official estimates. Staff from S&P Global walked through three forecast scenarios—control, optimistic, and pessimistic—based on recent federal tax changes, tariffs, and other policy developments, emphasizing that the outlook remains highly uncertain. Under the control scenario, the presentation projected below-trend real GDP growth of 1.8% in fiscal 2026, slowing to 1.5% by fiscal 2028, with unemployment peaking around 4.5% and the Federal Reserve cutting rates three times to a long-run range of about 2.75% to 3%. The optimistic scenario assumed lower effective tariffs, stronger growth, and better labor and housing outcomes, while the pessimistic scenario assumed a broader trade war, higher effective tariffs, faster deportations, weaker employment and consumer spending, and unemployment rising to about 6.3%. Speakers also noted that the forecast was prepared before later BLS revisions and that recent data on inventories and AI-related investment made the recent quarters look unusually volatile. Members discussed how the current fiscal 2026 outlook compared with earlier assumptions and noted that the eventual revenue revision may be smaller than the spread between the optimistic and pessimistic economic scenarios. The governor’s office and committee members also reviewed sector-specific impacts, including manufacturing, housing, light vehicle production, exports, and consumer sentiment, with particular concern about Kentucky’s auto and housing-related industries. No votes or formal actions were taken in the portion provided.

Transcript Highlights:

• biennia ago to forecast for inflation. biennia ago to forecast for inflation.
• is into the forecasts. is into the forecasts.
• state forecast. state forecast.
• forecast fraud.
• in our forecast? Chair Nash. in our forecast? Chair Nash.

Keywords: 1183, house

Summary: The committee took up House File 3683, which would require the state budget forecast to estimate the budgetary impacts of fraud committed against state programs. Chair Nash argued that fraud has real fiscal effects on the state, that those costs should be quantified in the forecast much like inflation was previously incorporated, and that doing so would help lawmakers understand the true cost of money lost to fraud. He also said the bill was intended to give MMB direction to develop a way to forecast fraud’s impact and that the issue should be treated as part of the state’s fiscal outlook. Deputy Commissioner Anna Mingy of Minnesota Management and Budget testified in opposition to the bill’s approach, saying fraud is unacceptable and MMB is committed to combating it, but that the twice-a-year forecast is not the right tool for this analysis. She said forecasts are forward-looking budget tools based on projected revenues and spending, while fraud analysis is retrospective and involves legal definitions and processes. She also warned that requiring MMB to consult with legislative chairs on fraud estimates before public release could politicize the forecast and would be a departure from current practice. Members raised concerns about how fraud would be defined and quantified, whether the bill would cover known or potential fraud, and whether it would duplicate existing budget adjustments. Chair Nash responded that the bill was modeled on prior inflation-forecast language and said fraud’s fiscal impact should be estimated even if the exact number is debated. Other members questioned whether the proposal would add value or create subjective numbers, while supporters said audits and program integrity data provide a basis for estimating a range. Deputy Commissioner Mingy also answered questions about bond ratings, saying Minnesota maintained its AAA rating and that rating agencies focus on governance and long-term obligations, not specific fraud estimates. She later said the administration’s anti-fraud package includes permanent bans on state contracts and grants for individuals convicted of fraud. The discussion ended without a recorded vote or final action in the excerpt.

Transcript Highlights:

• off of the baseline forecast.
• the November forecast.
• in FY 2026-27 is offset by a lower forecast for ... forecast Beyond fy2 three primary forecast Beyond
• Spending, you said there—higher forecast spending. You said there—higher forecast of pupil...
• <01:25:25.360> when forecast and the February forecast when forecast and the February forecast

Keywords: 1187, senate, all

Transcript Highlights:

• That final economic forecast doesn't come out until right before the revenue forecast.
• So turning more to our most recent forecast. Again, we do four quarterly forecasts.
• the revenue forecast.
• So turning more to our most recent forecast. Again, we do four quarterly forecasts.
• Largely, this is driven by a reduced sales tax forecast and a reduced REIT forecast.

Summary: The committee first received a presentation from Dr. Reich on the Economic and Revenue Forecast Council (ERFC), including how the council’s joint executive-legislative forecasting process works, the main state revenue sources, and recent economic conditions. He said Washington’s economy is slowing, with weak employment growth, softer taxable sales, and uncertainty from tariffs, federal spending, and the federal shutdown. He also noted that the September forecast was reduced, mainly because of lower sales tax and real estate excise tax collections, and that the state still expects modest growth rather than a recession. Members asked about whether Washington tends to lag national downturns and how forecast information should affect budgeting; Dr. Reich said the forecast is a revenue tool, not a budgeting decision, and that spending choices remain with elected officials. The Department of Revenue then presented on Washington’s sales and use tax structure and the implementation of Senate Bill 5814, which expands retail sales tax to several services effective October 1, 2025. Steve Ewing explained how sales and use tax are sourced, how reseller permits and the multiple points of use exemption work, and how the new law applies to live presentations, temporary staffing, investigations and security services, IT services, custom website development, advertising services, and custom software. He said DOR held listening sessions, issued interim guidance, and set up a centralized landing page and outreach efforts to help taxpayers understand the changes. He also described a six-month grace period for certain pre-existing contracts through March 31, 2026, but said penalties and interest still apply under the statute. Committee members raised concerns about how businesses and individuals will know when a service is taxable, who is responsible for collecting and remitting tax, and how sourcing will work for services delivered across multiple locations or online. DOR staff walked through examples involving accounting services, live lectures, virtual events, advertising campaigns, and search engine marketing, including the use of reasonable allocation and pool codes when exact sourcing data is unavailable. Members also questioned the administrative burden on small businesses and professionals newly subject to tax, and whether additional legislative fixes or relief from penalties and interest may be needed. No votes or formal actions were taken in the work session.

Transcript Highlights:

• . forecast. forecast.
• forecast.
• forecast.
• /c><00:15:55.040> forecast<00:15:55.440> for forecast reflects a higher forecast for forecast
• This forecast change is due to forecast.

Keywords: 1187, senate, all

Transcript Highlights:

• Yeah, I guess since the official forecast is the division's forecast, I am the victim to start first.
• me to reduce the forecast, or the proposed forecast, down from December.
• That is the forecast by at least the entities that I use to forecast the oil price.
• I had a weird forecast. I'm just going to call it a weird forecast.
• As far as forecasting?

Summary: The Revenue Estimating Conference met with four members present and first approved the prior meeting minutes and recognized the FYI end-of-balance of $577,077,871 as nonrecurring revenue. The main business was revising the state revenue forecast for FY 2026, FY 2027, and the long-range outlook. The Division of Administration recommended a $113 million reduction to the FY 2026 State General Fund forecast and a $104 million reduction for FY 2027, citing weaker-than-expected individual income tax collections, softer corporate income tax receipts, and some weakness in general sales tax, partly offset by stronger motor vehicle sales tax and higher mineral-related revenues tied to oil prices. The Legislative Fiscal Office presented a somewhat different but broadly similar forecast, with modest net increases to the general fund bottom line in the current year and next year, emphasizing caution on income and corporate taxes and more optimism on sales, severance, royalties, and some other revenue streams. A substantial portion of the discussion focused on the causes of the income tax shortfall, especially withholding and refund patterns after tax changes that lowered rates. Department of Revenue officials explained that withholding tables had been set with a cushion that may be producing larger refunds, and said changing the tables could quickly reduce overwithholding, though the effect would take time to show up. Members also discussed corporate collections, the lingering effects of the franchise tax repeal, the role of settlements and audits, and the extent to which collections are voluntary versus enforcement-driven. The Department of Revenue said corporate collections still had key filing and estimated-payment milestones ahead in May and June, and that refund and audit activity related to the former franchise tax would continue for some time. The conference then adopted the Division of Administration’s FY 2026 forecast, the FY 2027 recurring forecast, and the long-range forecast, along with the proposed inflation rates for the Millennium Trust and parish severance allocation. Members also adopted the incentive expenditure forecast, noting that the reported amount is only the REC-reported portion and that larger tax exemption amounts come off the top before appropriations. The Treasurer reported a General Fund cash balance of about $404.1 million as of May 5, 2026, and an interfund borrowing base of about $9.18 billion, saying cash levels were similar on average to the prior year. The meeting ended with a note that another REC meeting might be needed depending on the May 16 election, and the conference adjourned without objection.

Transcript Highlights:

• Yeah, I guess since the official forecast is the division's forecast, I am the victim to start first.
• me to reduce the forecast, or the proposed forecast, down from December.
• I had a weird forecast. I'm just going to call it a weird forecast.
• I'm using Moody's April forecast. Moody's April forecast was the latest macro available.
• As far as forecasting?

Keywords: 965, house, all

Summary: The Revenue Estimating Conference met with four members present and first approved the December 11, 2025 minutes. Members then recognized the FYI end-of-balance of $577,077,871 as non-recurring revenue. The main business was revising the state revenue forecast for FY 2026, with the Division of Administration recommending a reduction of about $113 million, driven primarily by weaker individual income tax collections, softer general sales tax receipts, and a substantial cut to corporate income tax forecasts. The Legislative Fiscal Office presented a somewhat different but still cautious outlook, and members discussed withholding rates, refund growth, corporate collections, and the effects of the franchise tax repeal and tax reform changes. After questions to the Department of Revenue about collections, refunds, enforcement, and settlements, the conference adopted the Division of Administration’s FY 2026 forecast. The conference then reviewed the FY 2027 recurring forecast. The Division of Administration again recommended a reduction, this time about $104 million, citing continued caution on individual income and corporate taxes, while the Legislative Fiscal Office projected a net increase of about $127 million, largely from sales tax, severance, royalties, vehicle sales tax, and other revenue streams. Members discussed the practical budget impact of the revised forecasts, including the need to reduce spending and the difficulty of funding a possible teacher stipend if a constitutional amendment fails. The FY 2027 recurring forecast was adopted. Members also adopted the long-range forecast, the proposed inflation rates for the Millennium Trust and parish severance allocation, and the incentive expenditure forecast. The incentive discussion noted that reported incentive costs reduce available revenue before appropriations, and members raised the possibility of reviewing or capping such incentives. The Treasurer’s Office then reported that the General Fund cash balance was $404.1 million as of May 5, 2026, and the interfund borrowing base was about $9.18 billion, with cash positions generally similar to the prior year. The meeting ended with a note that another REC meeting might be needed after the May 16 election, followed by adjournment.