S.C. officials collected $573.6 million in taxes and fees in November, a 10 percent jump from November 2012.
Of the big three sources of tax dollars -- sales, individual income and corporate income -- corporate taxes increased by $15 million, a 260 percent jump form one year ago. Sales tax collections were up 7.2 percent, or $13.6 million. Meanwhile individual income tax collections fell slightly to $305.2 million, a 0.7 percent decrease.
So far for the fiscal year that begin July 1, South Carolina's tax and fee collections are up 3.7 percent compared to the same time period one year ago.
The state Board of Economic Advisors has predicted the state's revenue would grow by 0.2 percent for the 2013-14 fiscal year. But so far, actual growth is 3.7 percent. Corporate income tax collections are the big reason for that. During the last fiscal year, S.C. saw a 52 percent increase in corporate income tax collections. Board members thought they would not see that large increase again, so they predicted income tax collections this year would fall by 15.9 percent. But so far, collections are up 11 percent.
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Year to date, sales tax collections are up 5.2 percent while individual income tax collections are up 3.3 percent.
The full report is below: