State Government and State Budget and Taxes and Government & Economic Development and Government

State's April tax receipts beat latest forecast

May 3, 2013

The first monthly revenue report since lawmakers passed a new two-year state budget came in 4 percent higher than projections made just a few weeks ago.

Tax revenue in April was also almost 4.5 percent higher than collections the previous year.

State Budget Director Chris Atkins said total revenue for the state’s main checking account is now $136 million ahead of projections for the fiscal year that ends June 30. That could boost the state’s surplus as it moves into the next two-year budget cycle. Lawmakers just passed legislation to spend $30 billion during that period.

The April report shows that income tax collections are up but sales tax collections were 0.5 percent lower than what was forecasted for the month. Sales taxes did increase slightly over the same period last year.

Corporate income tax collections were also down in April. They were 5.4 percent lower than April 2012 and more than 11 percent below the most recent forecast.

For the fiscal year, corporate income tax revenues have increased 1.4 percent from last year but are below the most recent forecast.
 

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