December 4, 2009
Tax Revenue Exceeds Lowered Expectations
By Matthew L. Brown
The state brought in $1.29 billion in tax revenue in November, up $33 million from last year and $12 million more than the state Department of Revenue's monthly benchmark.
DOR lowered its 2010 fiscal year revenue estimate, upon which it bases its monthly benchmarks, by $600 million in mid-October.
So far this year, the state has brought in $6.83 billion in tax revenue, that's down $369 million from the same period a year ago and $37 million above the newly revised benchmark.
Corporate and business tax collections were $18 million, $10 million more than a year ago and $10 million more than DOR's revised benchmark.
Sales and use tax collections were $382 million, up $70 million from a year ago and $6 million beyond the category's benchmark.
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