State tax revenues running ahead of last year

The director of the Legislative Services Agency says state tax revenues are running ahead of last year. Dennis Prouty says things looked good from July through October. He says for that period, state tax collections are seven-point-two percent ahead of last year for the same period. Prouty says that means tax receipts are coming in at a “fairly good pace right now.” Prouty and others on the State Revenue Estimating Council had predicted under two percent growth in tax revenue. Actual tax receipts are five percent ahead of projections, but he says as we go through the year, growth will slow down. Prouty says things are going in the right direction. He says the economy is moving slowly in the right direction. Prouty says the seven-point-two percent is somewhat inflated because of last year’s base, but he says by the end of the fiscal year June 30th the number will be more realistic. Prouty says if the growth continues as expected the state will take in over 100-million more dollars than last year.