Montana tax collections higher than expected
June 11, 2013
HELENA (AP) — Montana has collected more taxes than expected, but state spending also is going up.
Legislative Fiscal Division analysts said Tuesday state revenue is nearly $1.8 billion with less than a month left in the fiscal year.
That's an 11 percent increase compared to this time last year.
The main drivers are individual income and corporate license taxes. Income taxes are up 15.3 percent to just over $1 billion, while corporate taxes are up nearly 37 percent to $156 million.
Analysts say the state will spend nearly $523 million more by 2015 than this year. That's a 14.3 percent increase.
Senate Minority Leader Jon Sesso says half that increase is one-time tax relief, pension obligations and switching the source of some education funding.