Arizona tax revenue up for 15th straight month
Web Producer: Ina Ronquillo
PHOENIX (AP) - Arizona brought in significantly more tax revenue last month than the legislature forecast in its 2011-2012 budget.
The Joint Legislative Budget Committee staff reports that October revenue growth was driven by strong individual income tax collections. Revenue has now risen for 15 straight months.
Total general fund tax collections were nearly $668 million, more than 16 percent above October 2010 collections and about $50 million above forecasts.
Personal income tax collections rose nearly 30 percent compared to the same month last year. The $265 million in revenue was $55 million above the forecast amount.
Sale tax revenues were nearly 9 percent above October 2010 levels.
Arizona has collected $175 million more than expected during the first four months of the budget year, nearly 10 percent more than a year earlier.
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