The latest monthly state tax receipts are again up over forecast.
State Tax Commissioner Tony Fulton tells says it is a great way to start out a new fiscal year.
“We ended out the month about $20 million ahead of what the certified forecast was predicting.” says Fulton. “So that is certainly good news.”
Fulton also cautions that, overall, it was a pretty small month in respect to revenues coming in to the state’s treasury, “but nevertheless, we’re off to a good start.”
Net state receipts for July are up almost 8 percent over the certified forecast. Net individual income tax receipts are up almost 21 percent over the forecast while net sales and use tax receipts are up 7.3 percent. However, Net corporate income was almost 26 percent below the forecast.
Fulton says that is because corporate revenue is a small number compared to sales and income tax revenue.