June 22, 2009
Mid-Month Tax Collections Down $250M
By Matthew L. Brown
Halfway through the month, the state's tax collections are $251 million less than they were for the same period a year ago, the state Department of Revenue said.
As of June 15, the state had collected $859 million in taxes and was projecting full-month revenue of $2 billion, a decrease of $217 million compared to June 2008. The department said the decline is primarily the result of lower income and corporate/business tax payments.
Month-to-date, income tax collections totaled $70 million, $66 million less than was collected during the same period last year. Corporate and business tax collections totaled $350 million a $93 million reduction from June 2008.
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