State Tax Collections Down 16% In February
The state Department of Revenue collected $955 million in taxes in February, down $188 million from the same month a year ago and $86 million less than the department's monthly benchmark.
There are no quarterly or annual tax payments due to the department in February, and this year, employer withholding taxes and sales taxes fell by 2.7 percent and 7.8 percent, respectively, as a result of declining employment, bonus reductions and weak consumer spending.
Corporate tax collections totaled $42 million, a 73.6 percent decline from the collection level of a year ago. The department said February 2008 corporate collections included a one-time $102 million payment.
Year-to-date, income tax collections are $392 million, 5.3 percent less than a year ago.
Total year-to-date collections as of the end of February were $11.8 billion, $669 million, or 5.4 percent less than the same month a year ago.
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