State Tax Collections Down $59M
Weak sales tax revenue, a drastic drop in corporate and business tax collections and $39 million more in income tax refunds dragged the state's November tax collections down by $59 million compared to the previous November, the state Department of Revenue said.
The $1.3 billion the state collected in November was also $41 million below the benchmark set by the department in mid-October.
Corporate and business tax collections were $7 million, down $49 million compared to a year ago and $43 million below the department's October benchmark. The department said the decrease is a good gauge of the economy's condition in that businesses are taxed on their profits.
The department also said it received a series of one-time corporate and business tax payments a year ago that are were not due last month.
Sales tax collections were a weak $313 million, a 5.7 percent decrease compared to November a year ago.
The department said withholding tax collections were up $22 million to $775 million compared to November 2007. Collections were also boosted by a one-time estate tax payment of $54 million.
Department Commissioner Navjeet K. Bal said November "is a small month for tax collections overall, as there are no quarterly estimated payments due for most taxpayers."
Year-to-date tax collections total $7.2 billion, down $89 million, or 1.2 percent, compared to last year and $31 million below the department's benchmark.
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