After months of declining income tax collections, state revenue figures are showing signs of improvement.
According to the Governor’s office, the latest figures show increasing income and sales tax revenue. Income tax revenue increased 1% above collections over last fiscal year. Sales taxes showed an increase of 2.2% over the prior fiscal year.
For the first five months of the fiscal year state revenues were down $140 million, prompting the Governor to order state agencies and universities to engage in cost-saving measures. December tax collections were up by $40 million.
The Govenor’s office released the following stats on collections…
- State general fund revenues for December were $1,318.3 million, $43.1 million (3.4%) above target based on the most recent forecast updated on December 20, 2013
- For the first six months of FY 2014, total general fund revenues were $6,728.1million.
- Sales tax collections were $569.2 million (1.9%) above target for the month and $20.9 million (0.6%) above forecast for the first six months of FY 2014.
- Individual income tax collections totaled $432.3 million for December, $24.9 million (6.1%) above target for the month. For the first six months of FY 2014, individual income tax collections were $39.4 million below forecast at $2,237.3 million.
- Corporate income tax collections were $1.2 million above target for the month and $19.0million (4.3%) above forecast for the first six months of FY 2014.
- Gaming revenues were $0.6 million above target for the month and $5.1million below forecast for the first six months of FY 2014
