Tax revenues down by 1.2 percent so far this year

Associated Press

Tax revenues during the first four months of the current fiscal year fell by 1.2 percent, compared with the same period of the previous fiscal year, the state Department of Taxation said yesterday.

The state Council on Revenues has projected a 6.1 percent increase in general fund deposits this fiscal year. State lawmakers are required to consider the council's forecasts when drafting the state budget.

In all, $235.9 million was deposited into the general fund in October — $43.8 million, or 15.7 percent, less than in October 2001.

The state's largest revenue source, general excise and use taxes, fell by $28.9 million last month, with the department attributing most of the decrease to the "weekend effect" caused by the last day of September 2001 falling on a Sunday. Taxes normally due on that day were not due until the following day, inflating the October 2001 tax take, it said.

Individual income tax revenues dropped by $5.6 million last month.