State year-to-date revenue climbs 4.2%

Collections for December increased about 3 percent to $672.8 million from December 2006.

Despite the overall increase, results were mixed in individual collection categories.

Sales and use tax collections fell 3.7 percent for the month but showed a 0.5 percent increase for the year-to-date to $999.4 million.

Meanwhile, individual income tax collections climbed 10 percent for the month and 8 percent for the year to $2.51 billion.

Corporate income and corporate franchise tax collections, however, saw declines across the board, with a 1.1 percent decrease for the year to $272.2 million and an 11.5 percent decrease for the month.

All other collections fell 0.6 percent for the year to $218 million but increased 7.2 percent for the month.

Refunds increased 15.2 percent for the year to $277.1 million and grew 20.6 percent for the month.

Commissioner of Administration Mike Keathley said collections are ahead of the pace needed to ensure funds are available for the current budget, but the remainder of the fiscal year is unpredictable because of uncertainties in the national housing and financial markets, according to the report.[[In-content Ad]]