7/15/2015 Group Watch: State Income & Sales Tax Receipts Rise
Alabamians have paid more state income tax and sales tax this fiscal year than last, which points to a growing economy. Through June, net income tax receipts for the Education Trust Fund rose 7 percent over last year. Individuals have paid $3.05 billion in income taxes, an increase of 5 percent. Gross corporate income tax collections were up 21 percent. Overall, net receipts to the Education Trust Fund, about $4.5 billion are up 3.8 percent over last year. Net receipts to the General Fund, about $1.3 billion, are up 3.2 percent. Auburn University economist Keivan Deravi said the 3 percent sale tax is average and is not robust, thus indicating a continuation of economic recovery from the recession of 2009.
