The eighth month of the fiscal year showed a negative 5.6 percent figure for February on total revenues of $1.175 billion. Increased tax refunds sent back to taxpayers by the Revenue Department, up $65.4 million, is seen as one reason for the drab month.
Frankly, however, even without the higher tax refunds, the month would still have been a poor month with virtually no revenue growth. Individual income taxes came in at a minus 11.4 percent number compared to February of 2016. Corporate income taxes continued to be a problem area, decreasing an eye-opening $55.8 million for the month.
Net sales taxes to the state continued to be a bright spot, increasing 10.1 percent for the month. Motor vehicle ad valorem taxes increased slightly at 2.9 percent, and tobacco and alcoholic beverages were both up 7.6 percent and 5.6 percent respectively.
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