April was another bonanza month for state tax collections, with gross revenues of $948 million up 37.8 percent from the same month last year and more than 19 percent above the forecast.
Some of the change reflects to the delay in income tax filing last year. And stimulus money helped. Gains were made in every revenue category. See the sales tax category:
The results mean a further escalation in the state’s burgeoning surplus.
For the first 10 months of this fiscal year, gross revenues of $6.4 billion were 11 percent above last year and 12 percent above forecast.
In the important net category, the money remaining after mandatory off-the-top distributions and the amount on which the state budget is based, the surplus has risen to $716.8 million.
With other reserve funds, the state is sitting on more than $1 billion in unappropriated money. A fall special session is expected to deal with it. No, not by enhancing public services but by cutting taxes. The question is who will reap the most benefits. The governor favors a cut in the top income tax bracket, a move that would disproportionately benefit the wealthy, as have past income tax cuts.