House Finance revised its analysis on the Council on Revenues projections after receiving information on non-revenue tax figures and applying them to the equation.
Using 3.9% growth as a base, the lowering to 3.3% results in a loss of $14.4 million in FY08.
Using 3.5% growth as a base, which the legislature assumed, the lowering to 3.3% results in a gain of $3.9 million. (This is due to the non-revenue tax adjustment.)
For FY09, the lowering from 4.1% to 2.0% results in a loss of $122.4 million.