State revenue up 5% for year-to-date

The state’s collections in January rose 8.7 percent from January 2007 to $736.6 million. Year-to-date collections for fiscal 2008 are up 4.9 percent to $4.46 billion, setting the state on track to meet its budget needs, according to yesterday’s revenue report.

Sales and use tax collections are down 0.4 percent for the year-to-date to $1.18 billion, and they fell 4.7 percent for January compared to a year earlier.

Individual income tax collections, meanwhile, have grown 8.7 percent for the year to $3.11 billion and increased 11.8 percent for the month.

Corporate income and corporate franchise tax collections are down 0.8 percent for the year to $296.1 million, but they increased 3.8 percent in January.

All other collections increased 3 percent for the year so far to $248.1 million and increased 39.3 percent for the month.

Refunds are up 12.3 percent for the year to $372.2 million and climbed 4.7 percent for the month.[[In-content Ad]]