This is the eighth monthly report of the fiscal year, and revenues came in above forecast. Collections of net available general revenues for February were $190.9 million. That is 3.4% below February, 2007 but 0.8% above forecast.
Gross receipts collections for February, which include sales/use taxes, totaled $165.2 million (about 1.9% below February, 2007 but 1.5% above forecast). We are only collecting one half of the sales tax on food and food ingredients now, whereas last February 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 10.3% above projections (and 16.5% above February, 2007) and corporate income tax collections are 12% above forecast and 3.2% below February, 2007. Collections of individual income tax returns came in at $188.3 million, and corporate income tax collections were $3.6 million.
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Gross receipts collections for February, which include sales/use taxes, totaled $165.2 million (about 1.9% below February, 2007 but 1.5% above forecast). We are only collecting one half of the sales tax on food and food ingredients now, whereas last February 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 10.3% above projections (and 16.5% above February, 2007) and corporate income tax collections are 12% above forecast and 3.2% below February, 2007. Collections of individual income tax returns came in at $188.3 million, and corporate income tax collections were $3.6 million.