Corporate taxes buoy state revenues
State revenues managed to land nearly $6 million in the black after the first quarter of the fiscal year, according to state officials.
After an $18 million shortfall in July, revenues improved in August but were still $10 million below estimates. But Finance Commissioner Sawin Millett told Capitol News Service higher-than-expected corporate income taxes have boosted revenues to $5.9 million in the black. He said despite revised projections in May, corporate profits continue to exceed expectations, totaling more than $12.5 million above estimates for the first three months of the fiscal year. Individual income taxes, however, are $5.7 million below projections for the quarter. Sales taxes are 3% over projections for the quarter. Other sources of state revenues are mixed, Millett told the news service.
The state economic forecasting committee is expected to issue revised projections next month.
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