State general fund revenue collections for the first half of the 2013-14 fiscal year were $83.5 million above the $10 billion target, according to a new report.
The Quarterly General Fund Revenue Report from the General Assembly Fiscal Research Division cited corporate income tax revenue, which was up almost $90 million, as the main reason collections were ahead of target. However, the report notes, continued signs of weakness in wage and salary income tax withholding “may be a cause for some concern.”
Total personal income tax collections were $30.4 million below target, while sales tax collections were $33.6 million above target for the first half of the fiscal year, which ends June 30. Other tax revenue was boosted by an unanticipated $15.9 million in estate tax collections, representing settlements from previous years, according to the report.
“A steady, moderate growth pattern emerged in 2013 and is expected to be with us throughout the fiscal year,” the report says. “In 2014, most economic forecasts anticipate an improving economy with growth slightly below average.”