State tax collections for March up 18 percent over last year
Numbers released by the state Department of Revenue today show the state collected $838.4 million in revenue in March, a gain of more than 18 percent over the same month last year.
The DOR report showed that individual income collections jumped from about $143 million in March '07 to nearly $282 million in March '08, a 97 percent increase. The spike was due to the payment timing of the March '07 collection. In '07, March 31 fell on a weekend, so the payment was not recorded until April, leaving the March '07 artificially low, according to the DOR memo.
"Adjusting for the late posting, individual income taxes increased 8.0 percent in March, and the year-to-date increase is 3.0 percent. Total GPR collections, after the adjustment, are 1.3 percent for March and 2.3 percent YTD," the memo explains.
Overall, tax collections rose 18.2 percent over last year despite a 21 percent decrease in corporation franchise and income tax collections.
See the DOR summary here.
Labels: state_tax_collections
