Tax collections fared better than expected in October as the state pulled in $699 million, according to a preliminary report issued last week by state revenue commissioner Mitchell Adams.
The october numbers exceeded last year's figures by $15 million, or 2.1%, and Adams said the increase was another encouraging sign for the state's economic recovery.
"October tax collections are typically small," Adams said in a release. However, as we track the indicators of a recovering economy, we note that year-to-date revenues continue to be above where they were in 1992.
In January, state revenue officials said they expected tax collections to total between $3.04 billion and $3.19 billion by the end of October.
However, the preliminary figures for october put the year-to-date figures at almost $3.22 billion.
Adams' report says that all major categories of tax collections -- income, sales, and corporate -- have been higher than 1992.
The preliminary report also shows a stronger-than-expected performance from the state's motor vehicle and withholding taxes.
