State tax take in March close to $2B
State tax collections in March approached $2 billion and were 3.6 percent higher than March 2013 collections, the Department of Revenue reported Thursday.
State officials said income tax withholding, income tax payments with returns and extensions and sales taxes were better than expected while corporate and business tax collections for the month were “weak,” falling 8.2 percent from a year ago. Officials said that may be due to taxpayers claiming more carryover losses or more credits on their returns, and adjusting their taxable income expectations downward for 2014.
Nine months into the fiscal year, tax collections are running $1.2 billion, or 7.9 percent ahead of the same period last fiscal year and $228 million above a benchmark that was revised upward by more than $400 million.
Sales tax collections in March were up 9.6 percent from March 2013. Income tax collections rose 14.8 percent, to $766 million. Both were above expectations.
Department of Revenue tax collections last month totaled $1.95 billion. Tax collections from July through March came in at just under $16.5 billion, up $1.2 billion from last year at the same point.
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