State revenue climbs in May, still down for year
The state's net general revenue collections for May increased dramatically compared to May 2009, but the total for the fiscal year is still down compared to the year before.
Net general revenue collections for May totaled $613.8 million, up 53 percent compared to May 2009, according to data released Thursday by the office of State Budget Director Linda Luebbering.
For fiscal 2010, which ends June 30, net revenue collections total $6.28 billion, down 8 percent from a year ago.
By collection type:
• Individual income tax collections were down 0.2 percent for the month and are down 8.2 percent for the year;
• Sales and use tax collections increased 18 percent for the month but are down 4 percent for the year;
• Corporate income and corporate franchise tax collections increased 3 percent for the month but are down 8 percent for the year; and
• Other collections were down 29 percent for the month and 11 percent for the year.
Refunds have decreased 6 percent for the year, to $1.21 billion, after May refund totals dropped 86 percent compared to the year before.[[In-content Ad]]