November 1, 2010
State October Tax Collections Up Nearly 10%
By Matthew L. Brown
The state Department of Revenue brought in $1.3 billion in October, a 9.5-percent increase from the same month a year ago and $209 million beyond the department's monthly benchmark.
Year-to-date, collections have exceeded the department's benchmark by $413 million.
The department said October is considered a relatively small tax collection month, but strong withholding and corporate collections made the month stronger than expected.
Corporate/business tax collections totaled $49 million, $35 million more than a year ago, a 246.6-percent increase.
Income tax collections were $737 million, a 13-percent increase, while withholding collections increased 9.7 percent to $65 million.
Sales tax collections were $415 million, a 2.9-percent increase.
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