August General Revenue Report Released

Figures released by the Office of Administration show 2007 fiscal year-to-date net general revenue collections compared to 2006 fiscal year-to-date collections increased by 6.4 percent, from $1.04-Billion last year to $1.10-Billion this year. Sales and use tax collections are up 0.9 percent for the year, while individual income tax collections have risen 4.8 percent for the year, and 3.2 percent for the month. Corporate income and corporate franchise tax collections decreased 16.2 percent for the year, but increased 34.9 percent for the month. In addition, regular sales tax collections hit $216-Million in August, the most ever collected in a single month.