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State tax collections exceed forecast, up 12 percent

  • STAR-ADVERTISER
    STAR-ADVERTISER

State tax collections are up 12 percent through the first eight months of the fiscal year, the state Department of Taxation reported Tuesday.

The revenue is coming in higher than the 5.1 percent growth projected by the state Council on Revenues, which is scheduled to update its forecast on Wednesday. The council’s forecast could influence debate at the state Legislature over the two-year budget, particularly spending for new initiatives or tax incentives.

General excise and use taxes, the largest single category, were up 9.5 percent, according to the department. Individual income taxes were up 21.8 percent. Hotel room taxes were up 12.9 percent.

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