State Budget Agency Releases State Revenue Report

 State revenue collections were up 8.4 percent from this time last year.

The State Budget Agency indicated that sales tax collections totaled $641.6 million for the month of January which is four percent below target, but up almost four percent in collections for the same period last year.

Individual income tax collections were 18 percent above target. Corporate income tax collections totaled $1.1 million for the month, which is 107 percent above target.

Through the first seven months of fiscal year 2013, state general fund revenues have increased four percent which is more than double the rate projected in the December 2012 forecast. January has a surge in individual income tax revenue due to a delay in acceptance of returns by the IRS.