State revenues blasted off in July, the first month of the 2018 fiscal year, something like the first launch from the Camden County Space launch pad. An overall growth in revenues of 7.1 percent led the way in a month that historically has been sluggish. State revenues exceed the FY 2018 budget by $74.4 million after one month.
Strong Income Tax Month
Individual income taxes increased some $80.9 million totaling a 10.4 percent increase. Within that category, individual income tax refunds were down $15.5 million or -15.2 percent. Withholding tax payments were up $64.9 million or 7.7 percent. That is always a good measurement of economic growth since it is tied to payroll growth.
Net sales taxes were up 5.1 percent or $24.7 million and corporate collections were up $13.0 million, mostly from a reduction of $13.5 million in corporate refunds.
Tobacco taxes were up 10.8 percent and alcoholic beverages declined slightly -0.8 percent, but those two categories only amount to 2.2 percent of total revenues. Title ad valorem taxes declined -11.0 percent
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