Revenues from the first months of Fiscal year 2011 are up from the same period in fiscal year 2010, according to revenue projection reports from the Office of Legislative Services delivered Tuesday as part of OLS chief David Rosen’s appearance before the Assembly Budget committee.
“After two years of steady declines, state revenues in FY 2011 have begun to stabilize and some major revenues are reporting growth,” said Rosen, mirroring comments made Monday before the Senate Budget panel.
The three major state taxes are gross income taxes (up 3 percent), sales taxes (up 2.9 percent), and corporate taxes (up 7.9 percent).
The gross income tax is up from $5,819,400 to $5,996,400. The sales tax revenue is up $4,354,700 to $4,482,400. And the corporate taxes are up from $975,600 to $1.053 million, Rosen told the lawmakers.
Not all is rosy though, as revenues from a series of smaller taxes – insurance premiums, petroleum taxes, casino transfers, realty transfer, motor fuels – are all down.
“We are still below are peak revenue years,” said Rosen.
Following his prepared remarks, Assembly Budget committee members questioned Rosen about budget issues.