Tax revenues fall short
Income tax revenues for the month of August have come in well below projections, putting overall state revenues for the first two months of the budget year below estimates by $6 million.
Individual income tax revenues were down 37.8% in August, which amounts to nearly $17.8 million below estimates, according to Capitol News Service. Though income taxes were above estimates in July, income tax revenue from July and August combined are down a little more than $9.6 million. Other revenue sources, including lottery ticket sales, taxes on tobacco products and the estate tax, also are below estimates.
Sales tax revenues, in contrast, were above estimates for July and August by a little more than $2.5 million, but Finance Commissioner Ryan Low warned that unusually low sales tax receipts last year make this year's revenues look better, according to the news service.
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