STATE HOUSE: State revenues down in December, but economists not worried
01/23/2014 4:58 PM
01/23/2014 5:13 PM
South Carolina's tax revenue fell by 1.7 percent in December compared to one year ago, but state economists say the state is still on track to meet its revenue projects for the 2014 budget year that ends June 30.
Sales taxes were up 3.9 percent in December, but individual income taxes were down 1 percent. Corporate income taxes were down 38.7 percent.
Since the start of the fiscal year on July 1, sales tax collections are up 4.8 percent while individual income tax collects are up 2.5 percent. Corporate income tax collects are down 10.9 percent, in line with economists projections.
So far, state officials have collected $1 million more than they expected -- a razor thin margin in a nearly $7 billion general fund budget. But the Department of Revenue says it did not count $20 million in taxes in December because of a reporting error, money that would have the state on track to meet its projections.
The Board of Economic Advisors is scheduled to meet next month to give an updated budget forecast for the House of Representatives to use in crafting its budget.
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