State tax take up for fiscal year

Associated Press

With just one month left to go in the current fiscal year, state tax collections are running way ahead of the same time period of the previous fiscal year, tax officials said yesterday.

State general fund revenues totaled $414.6 million in May to up the 11-month tax take to $3.6 billion, a 17.3 percent increase, the officials said.

General excise and use taxes, which constitute the greatest single category of collections, generated $212.5 million last month, the Department of Taxation said. The amount pushed the 11-month total to $1.9 billion, a 14.4 percent boost, it said.

The $17.1 million in transient accommodations tax collections in May helped increase current fiscal year-to-date deposits by 9.2 percent, tax officials said.

Meanwhile, individual and corporate income tax collections for July through May were up 17.9 percent and 64.3 percent, respectively, they said.