State Revenue Up Again
State tax collections are up for the second month in a row. Collections for September topped estimates by almost a hundred million dollars with bright spots in sales taxes and corporate income taxes. However, it is still too soon to say the economy is recovering.
Due in part to Cash for Clunkers, sales tax collections from auto sales were also up. Collections from construction were also above estimates. Corporate income taxes jumped by more than 41 million dollars, and even the documentary stamp tax overachieved.
The September collections were a mirror of August, putting state revenues about 200 million above estimates used to calculate budgets. The down side is that sales taxes in September were still 200 million below a year ago, causing key lawmakers to be cautious.
While economists are reluctant to say the state has hit bottom and is recovering, they do expect Christmas to be a key indicator of whether the worst is over.
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