Posted at 4:30 p.m., Tuesday, December 11, 2007
State revenue collections up over last year
Advertiser Staff
State revenue collections were up 3.4 percent over last year after the first five months of the fiscal year, the state Department of Taxation reported, but the overall percentage growth continues to drop.Revenues came in at $334.7 million in November, which was down from October.
General excise and use taxes were at $204.2 million in November, a 3.5 percent increase over the last fiscal year after five months.
Hotel room taxes were at $17.5 million, a 6.3 percent increase over last year. Individual income taxes were at $93.3 million, up 1.3 percent over last year. Corporate income taxes were off $7.7 million, a 0.7 percent decrease from last year through five months.
The state Council on Revenues has projected 5.7 percent revenue growth overall this fiscal year.
The council's next projection will be in early January and will likely influence budget decisions in the upcoming session of the state Legislature.
