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‘Double weekend’
jump-starts state taxes

October collections rose $48.5 million

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From staff and wire reports

The state took in $262.5 million in taxes in October, an increase of $48.5 million, or 22.7 percent, over $214 million from October 1999, the Department of Taxation said.

The general excise and use tax rose the most, taking in $149 million in October, a boost of $45.8 million, or 44.4 percent, from $103.2 million in the year-earlier period, the state said yesterday.

The department attributed the increase in large part to what it called a "double weekend effect." The accounting procedure goes into effect when the last day of a month falls on a weekend.

October 1999 deposits were smaller than normal because the weekend effect pushed some October deposits into November, and last month's deposits were larger than normal because the weekend effect pushed some September deposits into October, the department said.

In the first four months of the fiscal year, tax collections reached $1.04 billion, about $90 million, or 9.5 percent more than $950 million in the same time period last fiscal year.

For all of the current fiscal year, the Council on Revenues has projected a 6 percent increase in general fund deposits.