The state reports that gross tax collections in September were $664.5 million, 4.7 percent more than last year and 4 percent above the forecast on which the state budget is set.
Through the first quarter, the net available for general state spending after mandatory set-asides was 2.6 percent above forecast, producing a surplus for the quarter of $38.9 million.
Income taxes accounted for the biggest part of increasing revenue. Sales taxes, a good measure of the economic atmosphere, were up only .5 percent above last year and fell below the forecast by 1.9 percent.
It’s a small percentage of overall revenue, but the impact of the big tax cut given existing casinos in the casino expansion amendment was starkly illustrated in September.
Total gambling revenue (not including racing) was $11 million, a drop of $5.7 million, or more than 34 percent, from the same month last year. The income did beat the state estimate on the new tax rate by $600,000.