State revenue rises in slowest month

Net general revenue collections were up 5.3 percent over the same period last year, an increase from $430.5 million to $453.2 million. July is the first month of the state’s fiscal year.

The most significant change was seen in corporate income and corporate franchise tax collections, which dropped 37.1 percent over the previous year, from $33.1 million to $20.8 million.

Refunds also decreased by a large margin – down 29.5 percent to $35.1 million for the month.

Sales and use tax collections were up 1.9 percent, from $130.3 million last year to $132.8 million.

Individual income tax collections increased as well, by 6.9 percent, from $290.6 million last year to $310.7 million.

All other collections decreased 8.8 percent, from $26.3 million to $24 million.

This story originally appeared in SBJ’s Aug. 8 free e-news Daily Update. Click here to register.