State Revenues Up For October
Preliminary state tax collections for October were up from last year and above the state Department of Revenue's benchmark level, but officials warned against reading too much into the results.
Preliminary collections for the month totaled $1.2 billion, up 6.3 percent from October 2008. The DOR said the increase was mainly because of one-time events affecting collections during the two months, calendar differences and the new sales tax increase.
Tax revenue was $22 million higher than the benchmark set out in the state's Oct. 15 revised tax revenue estimate. The DOR said that appears to be due to timing-related factors that were not reflected in the benchmark, and November results may erase the gains.
Income tax collections for the month were down 17 percent from last October, to $649 million, while sales and use taxes were up 17.5 percent to $404 million.
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