State Collects $1.9B In December Revenue
The state collected $1.9 billion in taxes in December, a 1.2 percent increase compared to a year ago, helping to beat revised benchmarks for revenue collections for the year.
Officials with the state Department of Revenue said several one-time corporate settlement payments helped contribute to the tax collections beating benchmarks for the fiscal year, which were revised down in October.
Year to date, collections are down 3.8 percent compared to a year ago, but they are above the revised benchmarks for the year by about $230 million. The state expects to collect $18.3 billion in revenue by the end of the fiscal year in June.
December sales tax collections totaled $377 million, a 23 percent increase compared to a year ago, which is credited to the increase in the state sales tax and the elimination of the sales tax exemption on alcohol.
Corporate and business tax collections totaled $416 million for December, down 6.3 percent from a year ago, but still above the revised benchmarks for the year.
WBJ Web Partners
Most Recent
0 Comments