This is the seventh monthly report of the fiscal year, and revenues continue to come in strong regardless of the national economic landscape (note that we're en route to a 300+ point "correction" today). The increase this month is driven by individual income tax collections -- both gross receipts collections and corporate income tax collections are down. Collections of net available general revenues for January were $448.2 million. That is 1.2% above January, 2007 and 5.8% above forecast.
Gross receipts collections for January, which include sales/use taxes, totaled $183.2 million (about 7.6% below January, 2007 and 4.6% below forecast). We are only collecting one half of the sales tax on food and food ingredients now, whereas last January we were collecting the full 6 cents. Gross receipts are a key indicator of consumer spending, which comprises roughly two-thirds of economic activity.
Individual income tax collections are 8.9% above projections (and 8.4% above January, 2007) and corporate income tax collections are 18.3% below forecast and 27.7% below January, 2007. Collections of individual income tax returns came in at $307.6 million, and corporate income tax collections were $9.3 million.
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Gross receipts collections for January, which include sales/use taxes, totaled $183.2 million (about 7.6% below January, 2007 and 4.6% below forecast). We are only collecting one half of the sales tax on food and food ingredients now, whereas last January we were collecting the full 6 cents. Gross receipts are a key indicator of consumer spending, which comprises roughly two-thirds of economic activity.
Individual income tax collections are 8.9% above projections (and 8.4% above January, 2007) and corporate income tax collections are 18.3% below forecast and 27.7% below January, 2007. Collections of individual income tax returns came in at $307.6 million, and corporate income tax collections were $9.3 million.