State Tax Collections Down $12M
The state collected $1.3 billion in taxes in August, a $12 million, or 0.9 percent, decrease from the same month a year ago.
The state Department of Revenue pointed out that the August total was $58 million above the month's benchmark, which was set based on an estimate of $18.9 billion in revenue for the fiscal year.
Withholding taxes were the biggest benchmark beater and totaled $721 million, which was down $30 million from a year ago, but $49 million more than the department had anticipated.
Corporate and business tax payers put $68 million into the state's coffers last month, an increase of $36 million, or 116.6 percent, over a year ago and $6 million above the monthly benchmark. The department said the increase was the result of several settlement payments received during August, including an $18 million payment made to the department on the last day of the month.
Motor vehicle sales tax collections were up $15 million to $55 million. The 35.8 percent increase was attributed to the federal "Cash for Clunkers" incentive program.
Overall collections are now $143 million, or 5.3 percent, behind the previous fiscal year.
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