State general revenues totaled $526.5 million last month, an increase of $4.3 million from January 2007 and $15.7 million above the official estimate.
The Department of Finance and Administration said individual income tax collections of $307.6 million were 8.4% higher than in January 2007 and $25.2 million over the state’s forecast. Corporate income tax collections totaled $9.3 million, down $3.6 million from last January and $2.1 million below forecast levels.
Sales tax collections of $183.2 million were down $15.1 million from last year, officials said, because of decreased residential construction and a cut in the state sales tax on groceries to 3% from 6%.
Net revenues for the first seven months of fiscal 2008 total $2.66 billion, $31.3 million above the same period in fiscal 2007.
