State tax collections took a double-digit jump in October.
Net state revenue grew by $62.3 million last month, a 15.4 percent increase that included double-digit growth in sales/use and corporate income tax receipts, according to the Legislative Services Agency monthly report. That brought the year-to-date tax collections to $1.985 billion – a $185.2 million increase, which represented a 10.3 percent spike through the first four months of fiscal 2013, and well above the 3 percent growth rate projected for the year.
“The whole year-to-date 10.3 percent is really good no matter how you look at it,” said LSA tax analyst Jeff Robinson. “It’s hard to get bad news out of this.”
The monthly numbers were buoyed by 25.7 percent growth in state corporate tax collections and 16.8 percent growth in state sales and use tax receipts. So far in fiscal 2013, state personal income tax receipts are up 6.8 percent, or $70.4 million, while sales/use tax collections are up 6.1 percent, or $46.1 million, and state corporate income tax revenue has grown 31.5 percent, or $42.5 million.
The monthly LSA revenue report is posted at the https://www.legis.iowa.gov/DOCS/LSA/MonMemo/2013/MMSLS003.PDF Web address.