State revenue collections up 6.8 percent

According to the Office of Administration’s general revenue report issued April 5, state collections in the first nine months of the fiscal year are $4.95 billion, up from $4.63 billion during the same period in FY 2005.

The office also noted that the $503.3 million net general revenue collected in March was up 13.6 percent compared to March 2005.

Other report findings:

• Sales and use tax collections are 1.9 percent higher for the year at $1.49 billion. Sales and use tax collections decreased 1.3 percent in March.

• Individual income tax collections are up 8.4 percent for the year to $3.55 billion. Individual income tax collections increased 8 percent for the month.

• Corporate income and franchise tax collections are up 34.9 percent for the year, to $388.5 million. Those taxes increased 16.4 percent for the month.

• All other collections are 2.3 percent higher for the year, to $345.9 million. All other collections increased 25.1 percent for the month.

• Refunds increased from $729.3 million last year to $824 million this year – an increase of 13 percent. Refunds decreased 3.9 percent for the month.[[In-content Ad]]