State Tax Collections Down On Corporate Refunds
The state's tax haul was $58 million lighter last month than it was in Oct. 2007, according to the state Department of Revenue.
The 4.8 percent decreased brought collections for the month to $1.15 billion and was triggered by corporate and business tax refunds. The state refunded $120 million in corporate and business taxes during the month, which was $74 million less than it gave back in Oct. 2007.
Sales tax collections also dwindled. The state brought in $343 million in sales taxes in October, down $13 million or 3.8 percent from a year ago.
Collections of withholding taxes increased, however, by $19 million, or 2.7 percent, to $724 million.
To date, fiscal year 2009 tax collections total $5.94 billion, down $29 million, or 0.5 percent, compared to the previous year.
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