State Revenue Report Indicates Increase In Collections

The monthly revenue report for April 2012 state tax collections was recently released.

Total revenue collections were $1.8 billion, $159 million more than projected by the revenue forecast updated on Dec. 14, 2011. Through April, state general fund revenues have increased 9 percent compared to the same period last year.

Individual income tax collections significantly exceeded the April target, primarily as a result of the Department of Revenue’s improvements in the processing of tax returns. The 44.9 percent growth in individual income tax collection is also partially attributable to a 20 percent increase in withholdings.

Sales tax collections increased 9.8 percent over the same period last year. Through April, sales tax collections have increased 6.8 percent over the prior year, just slightly ahead of the 6.4 percent growth rate projected in the latest revenue report.