Most Major Tax Collections Ahead of Last Year Through March
New BIRT Rate and Exemptions Impact Collections
Year-to-date collections through March show increases in all major General Fund taxes except business income and receipt (“BIRT”) and real estate transfer taxes. As shown in Table 2, BIRT taxes have decreased by 13.1 percent through March compared to the same period last year, due to a change in the BIRT tax rate and the impact of an increased exemption on the first $100,000 of gross receipts. The real estate transfer tax also has decreased by 2.0 percent through March.
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