State tax revenues
up 8.1% over May 2002
State tax revenues in May were up 8.1 percent over May 2002, despite a "weekend effect" that saw general excise and use tax revenues shrink 6.7 percent, the Department of Taxation reported yesterday.
Through 11 months of the fiscal year that ends June 30, tax revenues were up just 0.3 percent over the same period last year, compared to the 1.8 percent increase forecast for the full fiscal year by the state Council on Revenues last month.
The decline in general excise and use taxes, which reflect business activity and account for about half of the total take, was attributed to May ending on a Saturday, meaning the payment deadline was June 2. May revenues collected June 2 will be counted in the June total.
Offsetting the decline was a 54.8 percent jump in individual income tax payments, reflecting monthly fluctuations in declaration of estimated taxes and payments made with returns, the department said.
Through May, the state has collected $2.86 billion, including $261.9 million in May.