State revenue collections for February are up over last year but fell slightly short of revised projections according to new numbers the state Department of Treasury released Friday.
The state collected $16.35 billion in revenue through February, an increase over $1.8 billion over the same period last year. The state projected a revised growth rate of 5.3 percent for fiscal year 2015, but has only seen a 4.9 percent increase through last month. Looking at just February numbers, the state collected slightly less revenue overall, $1.811 billion in 2015, compared to $1.814 billion in 2014.
Corporate business taxes were down 57 percent in February compared to the same month last year.
“In part, this reflects the fact that large corporate tax audit settlements inflated collections in February 2014 resulting in a corresponding depression in year-over-year growth,” Treasury said in a statement.
When looking at year-to-date collections, the corporate business tax is actually up 23.6 percent over the same period last year.
The monthly revenue report shows that sales tax, which is reported one month late, grew 1 percent in January compared to the same month last year.
In addition, gross income tax revenue was down 1.1 percent compared to the same month last year, something the state Department of Taxation attributes to an increase in the pace of processing tax returns and distributing refunds.
