Tax Collections Up 3.6 Percent in FY 2011
The Department of Revenue has released its new GPR tax revenue collection figures for the first five months of fiscal year 2011, through November 2010. Collections to date are up 3.6 percent over the previous fiscal year. So far this fiscal year, income tax collections increased by 3.3 percent over the previous year, and sales tax collections increased by 4.3 percent.
The Department of Administration’s November 2010 revenue estimates count on 4.2 percent growth in GPR tax revenues for fiscal year 2011, 0.6 percentage points higher than the rate so far this year. The difference between 3.6 percent growth and 4.2 percent growth would amount to about $78 million over the course of a year. We’ll try not to worry about that difference quite yet, because the state can easily close that gap if economic growth improves in the coming months.