November 3, 2011
Tax Collections Beat Last Year's Pace
By Brandon Butler
State tax revenues of $1.45 billion in October rose 8 percent compared to last year, but missed the state's benchmark by $12 million, according to the state Department of Revenue.
In October, corporate and business tax collections fell 11 percent compared to last year to $44 million. Business taxes are up more than 10 percent on the year, however.
Income tax rose 12 percent to $831 million in October while sales tax collections were up 3.1 percent to $429 million.
The state revised its full-year revenue projection upward by $395 million in mid-October to $21.01 billion.
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