A recent report from the Delaware Economic and Financial Advisory Council projects a $400 million revenue shortfall over the next three years

WILMINGTON — Governor Matt Meyer today called the General Assembly to an extraordinary session to address a projected $400 million revenue shortfall over the next three years – all caused by federal tax cuts for the wealthy.

“Delaware families are already feeling the strain of higher costs, but new revenue projections show just how serious the next few years could be,” Governor Matt Meyer said. “We’re staring down a $400 million shortfall because Washington keeps handing out tax breaks to the wealthy while working people get left behind. It’s time for us here at home to come together to find bipartisan, responsible solutions that protect our most vulnerable neighbors and keep our state on solid ground.”

Delaware’s tax code mirrors federal law. The House Resolution passed by Congress this summer includes massive corporate giveaways and deductions that apply retroactively to past years that will affect Delaware’s tax code if not decoupled.

The General Assembly will return to Dover on Thursday, November 13 at 12 p.m. to discuss potential legislative solutions. Governor Meyer supports one proposed solution to decouple state and federal tax laws to stop those deductions from hitting state revenues.

For any questions or to schedule a one-on-one interview with Governor Meyer, please email govcomm@delaware.gov.

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