The Department of Revenue Wednesday reported preliminary general fund tax collections of $14.54 billion in 2014-15, an increase of 4.3 percent over the previous year. Income and insurance taxes came in below the LFB’s January estimates. But that was more than made up by bumps in corporate, excise, cigarette, sales and other taxes.
The fact that the state collected more than it expected is a good thing. It indicates that the economy is stronger than forecasted. But if the government collects more than it needs for its budgeted expenses, it should return the excess to the taxpayers.