What does the economic estimates commission do?

The economic estimates commission is primarily responsible for estimating total personal income for the coming year. This function is crucial as it provides lawmakers and policymakers with important data that can influence economic planning and decisions regarding state budgets and financial policies. By providing estimates of personal income, the commission plays a vital role in assessing the economic health of the state and understanding revenue projections, which can significantly impact fiscal management and the funding allocation for various programs and services.

The other options, while related to economic planning and budget management, do not align with the specific role of the economic estimates commission. Setting tax rates typically falls under the responsibilities of the legislature or tax authorities, reviewing state budgets is usually the purview of budget committees or legislative bodies, and advising on economic policies is more often undertaken by specialized economic advisory boards or departments focused on broader economic strategies rather than an estimates commission specifically.