With individual income tax receipts increasing 17.6 percent, May’s state revenues shone a sunny overall increase of 10.3 percent in a month that has helped the state start to catch up on rainfall. Total revenues of $1.7 billion produced a gain of $161.5 million for the month. Individual income tax refunds were down $51.3 million for the month, a good start. Withholding taxes were up 10.1 percent, a positive reflecting payroll increases.
Net sales tax growth continued consistent, up 3.5 percent for the month. Corporate income taxes were also positive for the month, up 23.2 percent. Title ad valorem tax fees were negative at -3.1 percent. Tobacco tax collections were up 10.7 percent, but alcoholic beverages were down -1.9 percent.
Motor fuel taxes were up slightly at 1.1 percent on revenues of $146.8 million for the month. Highway impact fees were down minus -18.5 percent and hotel/motel fees were flat at .1 percent. Altogether, the transportation related taxes and fees were up a total of $1.399 million for the month.
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