The state revenue report on tax collections in July, the first month of the fiscal year, showed gross revenues up .7 percent over last year and 1.9 percent below forecast.
After off-the-top reductions for mandated payments, net for the general operating budget was 1.7 percent below last year and 2.4 percent below last year.
Results in July were negative overall due to decline in estimated payments in Corporate Income tax and a decline in Sales and Use tax collections.
Individual Income tax collections were on forecast and displayed good growth in the economic-related payroll withholding tax. Smaller revenue sources were mostly above forecast and year ago collections for the month.
Income tax refunds were elevated during July in both Individual and Corporate refunds. This accounted for part of the negative year ago comparison in Net Available funds versus a small gain in gross general revenue.
Someday, I’d like to see a rigorous look at what migration of sales to the web has meant to sales and use tax collections.