Posted on: Friday, February 11, 2005

State tax revenue continues to climb

Advertiser Staff

State revenues continue to come in higher than they did a year ago, according to the latest monthly figures released by the state Department of Taxation yesterday.

Total revenue collected during the first seven months of fiscal 2005 was $2.2 billion, about $300 million or 15.9 percent higher than the same period a year ago. The tax department said the numbers are slightly inflated in part because January this year had one more weekend than last year. But even without the so-called "weekend effect," tax revenues for the fiscal year would be up approximately 14.3 percent, tax officials said.

The state Council on Revenues, which makes the income forecasts on which state officials base their spending, last month stuck with its earlier prediction of 8.8 percent growth for the year.

General excise and use taxes, the state's largest single category of revenues, are up 13.6 percent during the first seven months of the year and, even without the weekend effect, would be up 10.7 percent. The tax office said the increase is evidence of a strong 2004 Christmas season.