Posted on: Wednesday, June 11, 2003

State revenue up in May; year's total ahead of 2002

Associated Press

State tax revenues in May were up 8.1 percent over May 2002, despite a "weekend effect" that saw general excise and use tax revenues shrink 6.7 percent, the Department of Taxation reported yesterday.

However, through eleven months of the fiscal year that ends June 30, tax revenues were up just 0.3 percent over the same period last year, compared to the 1.8 percent increase forecast for the full fiscal year by the state Council on Revenues.

The decline in general excise and use taxes, which reflect business activity and account for about half of all state tax revenue, was attributed to May ending on a Saturday, meaning the payment deadline was June 2. May revenues collected June 2 will be counted in the June total.

Offsetting the decline was a 54.8 percent jump in individual income tax payments, reflecting monthly fluctuations in declarations of estimated taxes and payments made with returns, the department said.

Through May, the state collected $2.86 billion, including $261.9 million in May.