State general fund deposits down 13.9 percent
The state Department of Taxation reports that three months into the current fiscal year, general fund deposits are down 13.9 percent from the same three-month period last fiscal year.
The department on Tuesday attributed the decline mainly to the release of accrued income tax refunds in July. It says if the refunds were factored out, general fund deposits in July, August and September would have increased 4 percent.
The department says first quarter hotel room tax collections were up 32.4 percent, while corporate income taxes were down 87.3 percent.
For September, general excise and use taxes amounted to $201.2 million, helping the largest single category of collections increase 5.2 percent over the first quarter of the fiscal year.
