February's Tax Numbers Off Slightly, But State Still Running A Surplus
After a huge haul to start the year, income tax collections for last month came in below estimates. But the state is still in the black halfway through the fiscal year.
Personal income tax revenue was down $25 million or almost 10 and a half percent for February, after being up more than 25 percent in January. And total tax revenue was off estimates slightly, just over 1 percent. But because of forecasts that have come close so far this year and that huge haul in January, personal income tax is still up by $225 million or 4% for the year, and total tax revenue is up nearly 1 and a half percent. Budget director Tim Keen had said he expected those numbers to level off because of tax refunds and smaller payments later in the year. But there still is weakness in the sales tax numbers – they’re down nearly $70 million or just over 1 percent for the year.