State's revenue collections rise 5% to $2.34B

Collections thus far for fiscal 2007 are $2.34 billion, compared to $2.23 billion in the same period last year. Revenue collections in October were up 0.2 percent to $500.3 million from $499.3 million a year ago.

The largest increase was in state refunds, which grew 60.3 percent for the month. However, refunds are down overall for the year by 14 percent, to $143.4 million.

Sales and use tax collections were up across the board, increasing 3.7 percent for the year to $662.6 million and 18.6 percent for the month.

Individual income tax collections grew 6.5 percent for the year to $1.52 billion and increased 4.5 percent for October. Meanwhile, corporate income and franchise tax collections fell 17.4 percent for the year to $163.6 million and 51.3 percent for the month.

All other collections increased 6.1 percent for the year, to $136.7 million from $128.9 million, and were up 35.5 percent for the month.

This story originally appeared in SBJ’s Nov. 6 free e-news Daily Update. Click here to register.