State tax collections during the last fiscal year came in at about $71 million more than what has originally been projected.
A report from the Legislative Fiscal Bureau this week shows the state took in nearly $15 billion during the fiscal year that ended on June 30, well above the $14.47 billion that had been estimated in January. The report shows much of the increase was the result of a bump in corporate income and franchise tax collections.
Under state law, about $12 million of the excess collections must go into the state’s rainy day fund. The remaining $60 million or so will increase the opening general fund balance for the 2015-16 fiscal year, which began on July 1.
