Updated at 4:37 p.m., Thursday, August 16, 2007
State revenue collections up 25.7%
Advertiser Staff
State revenue collections for July were up 25.7 percent from the previous year, the state Department of Taxation has announced, describing it as an encouraging start to the new fiscal year.General excise and use taxes — at $258.8 million — were up 34.2 percent, while hotel room tax collections ($19.3 million) were up 10.6 percent. Individual income tax collections were at $109 million, a 15.3 percent increase, while corporate income tax collections ($1.6 million) were off by 45.4 percent.
Overall, the state collected $398.8 million in revenues in July compared to $317.3 million in July 2006.
Kurt Kawafuchi, the state's tax director, said one-time collection and timing issues influenced the count. Kawafuchi said it would be premature to make full-year projections based on a single month of revenues.
The state Council on Revenues has predicted 6 percent revenue growth for this fiscal year.
