State Tax Collections Fall Below Estimates

POSTED BY: George Hiotis
Friday, October 3, 2003 - 09:29 AM
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State tax collections for the first three months of this fiscal year were nearly 83 million dollars below estimates, despite the sale tax increase enacted by the legislature. But Budget Director Thomas Johnson says there’s no need to panic, yet. He says three months is not a trend, and he thinks the improving economy and increased consumer confidence will boost tax revenues. Actually, the first-quarter tax collections were 198 million dollars higher than a year ago. They just lag the estimates made by the Office of Budget and Management in May. The sale tax was increased to six percent from five percent and applied to about a dozen services that previously were untaxed.

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