Wednesday, November 2, 2016

State tax revenue picks up in October

Posted By on Wed, Nov 2, 2016 at 9:48 AM

The state's tax revenue picked up in October, but collections remain behind the forecast for the first four months of the year. Gross collections were $530 million, or 8.1 percent more than the same month last year and 3.8 percent, or $19.3 million, above the forecast on which the current budget was set.

Most of the increase came in a jump in corporate tax collections, a figure that fluctuates through the year. The month's sales tax take, a more reliable measure of economic activity, was below forecast.

Through the first four months of the year, revenue remains behind forecast. The state has pulled in $2.05 billion, 1.9 percent more than last year, but .8 percent, or $16.8 million, below the budget forecast. The net available after mandatory set-asides for certain agencies, is $23 million behind forecast.

Here's the full report.

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