On Dec. 1, the Department of Revenue released the FY 2018 first quarter tax collections. Overall, collections from the first quarter of FY 2018 were up 2.1 percent over the first quarter last year. This is attributed mainly to a 6.2 percent increase in general sales and use taxes. Corporate income and other (estate, utility, and real estate transfer fee collections) were both down from last year’s first quarter by five and ten percent, respectively.
The Legislative Fiscal Bureau (LFB) projected that revenue will grow 3.6 percent in FY 2018. But with only the first quarter completed, LFB Director Bob Lang stated to the press that it is “too early” to closely analyze the numbers.