State revenue rises from tax collection increases

The state’s net sales and use tax collections were up 4.3 percent for the year to $1.18 billion and rose 24 percent in January, compared to January 2006.

Those collections made up more than one-fourth of total year-to-date net revenue collections, up 4.8 percent from the same period last year to $4.25 billion. January collections compared to the previous January increased 7.4 percent to $677.5 million.

Individual income tax collections increased 5.4 percent for the year to $2.86 billion; they increased 5.1 percent for the month.

Corporate income and corporate franchise tax collections fell both for the year-to-date and for January. Those collections were down 6.6 percent from a year ago to $298.4 million and were down 5.5 percent for the month.

All other collections decreased 1.3 percent for the year to $240.8 million and decreased 14.2 percent for January.

Refunds dropped 7 percent for the year to $331.4 million and increased 13.4 percent for the month.[[In-content Ad]]