State Tax Collections Down 16% In September
The state collected slightly less than $1.8 billion in tax revenue in September, a decrease of $333 million from the same month a year ago and $243 million less than the state Department of Revenue's benchmark set earlier this year.
The department said that tax collections will be one of the last indicators to reflect an overall economic recovery. The September total is 15.9 percent less than the same month a year ago.
Corporate and business taxes were down nearly 30 percent during the month. The department said the decline was the result of shrinking corporate profits and a shift in timing that made tax refunds due to corporate tax payers in September rather than October.
Income tax collections decreased by 21 percent compared to a year ago.
Sales tax collections increased by 13.8 percent thanks to the increase in the state's sales tax rate, which took effect Aug. 1. Sales tax collections were still $37 million short of the monthly benchmark, however.
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