Tuesday, January 16, 2001
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Posted on: Tuesday, January 16, 2001

December state tax collection rises 5.3%

By Lynda Arakawa
Advertiser Capitol Bureau

The state collected $231.5 million in tax revenue last month, an increase of 5.3 percent, or $11.6 million, over the previous December, the state Department of Taxation reported this month.

That brings total tax revenues collected in the current fiscal year, which began in July, to $1.5 billion, an increase of 6.7 percent, or $95.3 million, over the same period the previous fiscal year.

For the year, the state Council on Revenues has projected a 6 percent increase in revenues deposited to the state general fund. That means the state would take in about $180 million more this year than last.

December tax revenues rose largely because of corporate income tax collections, which increased by $9.8 million, reflecting a $9.3 million drop in corporate refunds, according to the Tax Department.

General fund deposits from individual income taxes went up by $5.5 million, primarily because of a $4.3 million increase in taxes withheld on wages and a nearly $1 million drop in individual income tax refunds.

General excise and use tax collections, the state’s largest revenue source, increased just slightly, by $100,000.

However, the "all others" category fell by $5.5 million last month compared with the previous December, partly because of the $2.9 million drop in estate tax revenues.

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