TAX NEWS - JUNE 2010

Texas Tax: Business tax revenue below projections

02 June 2010, AUSTIN, Texas -- The state's business tax is coming in short of budgeted projections.

New revenue figures from the Texas comptroller's office show $3.6 billion has been collected from the business tax as of the mid-May payment deadline. The Austin American-Statesman reported the figures in its online edition Wednesday.

State budget estimates projected the total collection for the 2010 fiscal year would be $4.3 billion. More business tax revenue will roll in through August, but the experience over the past two years indicates about 95 percent of the total collection arrives in May.

If that trend continues, Texas would be down another $500 million in tax revenue for the current budget.