September 7, 2010
State Tax Collections Miss Benchmark By $70M
By Matthew L. Brown
The state collected $1.4 billion in taxes last month, a 6.9 percent increase from the same month a year ago, according to the state Department of Revenue.
Collections were still $70 million below the monthly benchmark set by the department. The department expects to collect $19.1 billion in revenue this fiscal year.
The department said, "August is not a large month" for tax collections. No quarterly payments are due from most taxpayers.
Still, at $780 million, income tax payments were up 8.3 percent over last year. Sales tax collections were up 23.7 percent to $422 million.
Corporate and business tax collections came in at $11 million, down $57 million from last year and $20 million below the department's benchmark.
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