Rising income tax receipts helped lift state tax revenue in January by 10.2 percent, compared to the same period a year ago, state finance officials said Tuesday.
Income tax collections to the general revenue fund, the state's main operating fund, were $578.3 million in January, the highest monthly total for the first seven months of the current fiscal year. The amount is an increase of $53.4 million, or 10.2 percent, compared with last January.
Income tax collections are outperforming expectations by double digits through the first seven months of 2013 fiscal year, which began July 1, said state Finance Secretary Preston Doerflinger.
Net income taxes over the seven-month period are above estimates by almost 15 percent and personal income taxes are above estimates by 10 percent, he said.
Net dollars collected from income taxes over seven months are up 10.1 percent compared with last year.
“That's a definite positive trend,” Doerflinger said.
In January, combined personal and corporate income tax receipts totaled $281.5 million, beating collections from the previous year by $46.1 million, or 19.6 percent, according to the state Office of Management and Enterprise Services, which compiles the revenue reports.