Transit tax brings in record $17.5 million for August
Transit tax collections jumped to nearly $17.5 million last month following a change in excise tax deadlines, according to the state Department of Taxation. That's the most raised in any month since the tax was put in place in January 2007.
August tax collections may have been inflated because of a change in filing deadlines that took effect last month, the tax department said. Under the change, excise taxes must be filed by the 20th day of each month rather than the last day of the month.
Through the first two months of the current fiscal year, the half-percentage-point transit surcharge raised $29.8 million, or an average of $14.9 million a month. The city is projecting tax collections during the fiscal year, which began July 1, to average $16.5 million a month.
The tax collection figures include the 10 percent the state takes off the top to pay for administering the tax.