The latest report from the Legislative Services Agency indicates state tax collections continue to grow.
Last month, the state collected eight percent more in taxes compared to November of 2011. Over the past five months, state tax receipts are nearly 10 percent better than the same period a year ago.
Personal income taxes are up 6.3 percent during that five-month period. In November alone, personal income tax payments to the state rose over four percent.
A three-member panel of state financial experts will meet December 12 to come up with an official estimate of future state tax collections. That figure will be used by the governor and legislators to draw up next year’s state budget. However, ongoing negotiations in Washington, D.C. over tax policy and federal spending will make it difficult for the panel to peg state tax collections for the next state fiscal year, which begins July 1, 2013.