State's Personal Tax Revenue Off For August, But Says Overall Tax Receipts On Track

Sep 10, 2018
Originally published on September 9, 2018 9:30 pm

Two months into the fiscal year, the state budget department says its forecast for tax revenues is close to on track.

August’s personal income tax take was down nearly 2 percent for the month, and the state’s main business tax, the commercial activity tax, was down almost 4 percent. But because of strong numbers for the state sales tax and other categories, total tax receipts are up almost a point over forecasts. But total revenues are off by a little less than a point. But the budget department says it appears the state “is slightly overperforming the plan”, and seems confident there won’t be a repeat of the spring of 2017, when revenue shortfalls forced lawmakers to cut $800 million as the budget was being negotiated.

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