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Arizona reports significant gain in state revenue

Legislative budget analysts report what they say is clearly a significant development in Arizona’s economic recovery.

The Joint Legislative Budget Committee staff says state sales tax collections in January were up 6.2 percent from a year earlier, excluding the temporary sales tax that voters approved last May.

The report credits the holiday retail season.

The analysts note that January was the fourth straight month with year-over-year growth in sales tax collections, but they say January’s increase was significantly larger than previous months.

Overall state revenue in January rose by 7.5 percent, again excluding money from the temporary sales tax increase. That’s the sixth straight month of year-over-year increases.

January’s individual income tax collections were up 11 percent over a year earlier, but analysts say withholding changes likely caused that.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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