The House Fiscal Agency recently reported revenue collected from the 13 major state taxes, and lottery receipts were $69.3 million less during the first quarter of the current fiscal year than for the same period the previous year, resulting in a dip of 1.3 percent across the two years.
But the tax revenues collected during the first quarter of this year were 3.6 percent higher than what the state took in during the fourth quarter of the previous fiscal year.
Total state tax receipts for the first quarter were $5.39 billion.
Some taxes posted revenue gains for the state, while others were down when compared to the first quarter of FY06.
Here are the gainers:
- State income tax up by 0.7 percent
- Industrial and commercial facility tax up by 17.3 percent
- State use tax up by 4.9 percent
- Casino wagering tax up by 8.8 percent
- State education tax up by 7.8 percent.
Here are the dippers:
- Real estate transfer tax down by 30.7 percent
- Single business tax down by 12.8 percent
- State insurance tax down by 9 percent
- State tobacco tax down by 2.8 percent
- State sales tax down by 2.1 percent
- Lottery receipts down by 0.9 percent.
The House Fiscal Agency reported that the “weakness” in business taxes, the sale tax and the real estate transfer tax reflected