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State Tax Collections Top Estimates
State general-revenue tax collections were nearly 5 percent higher than anticipated in March, according to a report released Monday by the Legislature’s Office of Economic & Demographic Research.
The report showed net general revenue during the month totaled about $3.756 billion, $176.2 million more than expected in a forecast released in January.
Sales-tax collections, which are the biggest part of general revenue, came in at almost $2.967 billion, which was $60.9 million more than anticipated for the month.
General revenue taxes are closely watched because they play a key role in funding various state operations, including education, health care and prisons.
In addition to sales taxes, revenue from corporate income taxes topped projections by $44.4 million in March, and earnings on investments were $43.5 million over projections.
