August
revenues look a little brighter
Led
by stronger individual income tax collections, the state
General Fund is nearly $300 million richer after two months of
this fiscal year than at this point last fiscal year,
according to a preliminary report by the State Controller’s
Office. In fact, all of the fund’s “Big Four” line items
– individual income, corporate income, sales and use and
franchise taxes – are higher now than at the same time last
fiscal year. See chart above.
Individual income tax collections of $597.7 million in August
compares with $395.4 million collected in August 2000 –
which was at about the point that the economic slowdown really
began to hit the state treasury. Even more encouraging is that
corporate income taxes are back in the black.
The numbers are provided to NCCBI by the State Controller's
Office, which cautions that they are preliminary.
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