State tax revenue in September were nearly identical to the same month last year. Jeff Robinson of the Legislative Services Agency says overall tax collections grew by just half a percent last month.
“Personal income tax receipts were slightly negative in the month of September, so that kind of held down growth,” Robinson says.
While the state collected about $2 million less in personal income tax payments in September, Robinson says if you calculate the past quarter — adding the months of September, August and July together, personal income tax payments to the state rose nearly four-and-a-half percent. State sales taxes collections in the past three months are more than seven percent above the same quarter last year.
“It tells you that people do have money and they’re willing to spend it on things that are taxable,” Robinson says.
A three-member panel of financial experts has predicted the state will collect $6.8 billion in taxes from July 1 of this year through June 30 of next year. However, it’s possible that estimate will be reduced because it was set in March, before the unexpected drop off in state tax collections that occurred in May and June. Overall state tax collections for fiscal year 2014 — which ended on June 30 — were $6.3 billion.