Mid-December state revenues up 10.1%
State tax collections through mid-December were up $83 million, or 10.1 percent, over the same period in December 2013, according to the state revenue commissioner, who noted in a letter to legislative leaders that the full-month benchmark calls for collections to grow by $172 million over last December.
With the state budget in the red less than halfway through the fiscal year, state government officials have their eye on major revenue and spending shifts as they contemplate a way to snap the $36.5 billion spending law back into balance.
Over the first five-plus months of fiscal 2015, tax receipts are up by 3.3 percent, with more robust growth needed to meet the fiscal 2015 revenue target. In a Dec. 18 letter, Revenue Commissioner Amy Pitter reported month-to-date collection increases in withholding (up $33 million), corporate and business taxes (+$38 million), and estate tax collections (up $23 million), and declines in sales tax collections (down $7 million) and income tax payments with bill and returns (down $6 million). State budget writers are counting on an 8.2 percent spike in December tax collections due in large part to a shift in the timing of withholding tax collections and one-time tax settlements and an additional deposit day this month when compared to December 2013. December is a "significant" collection month due to annual bonuses and estimated quarterly tax payments from businesses, Pitter wrote.
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