State collects $8B in fiscal 2008 revenue

The state’s Office of Administration on July 3 reported $8 billion in collections for the year, which ended June 30, compared to $7.72 billion in fiscal 2007. The final figure includes a $50 million surplus in receipts over expenditures, the report said.

Individual income tax collections showed the most growth in the latest report, with a 6.7 percent increase for the year to $6.11 billion and a 4.8 percent increase for June.

Sales and use tax collections fell 2.1 percent for the year to $2 billion but climbed 3.8 percent for the month.

Corporate income and corporate franchise tax collections, meanwhile, showed a 2.9 percent drop for the year to $613.5 million and a 12.4 percent decline for the month.

All other collections were up 2.7 percent for the year to $538.1 million and up 7.5 percent for the month. Refunds increased 4.1 percent for the year to $1.26 billion but fell 14.5 percent for the month.