Projected State Surplus Grows to $87 Million

Projected State Surplus Grows to $87 Million

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SALT LAKE CITY (AP) -- The projected state surplus has grown to 87 (M)million dollars, up 20 (M)million dollars from the state Tax Commission's estimate last month.

Income tax revenues have grown at a eleven-point-four percent clip so far this fiscal year. Corporate tax revenues are up 28-point-six percent and taxes from oil and gas extractions are up 44 percent.

Tax Commission chief economist Doug Macdonald the surplus projections come on top of other encouraging indicators, including employment that is up three percent.

Construction of residential homes is up eight percent so far this year, sales tax revenues are up eight-point-five percent and withholding taxes grew at seven-point-two percent.

(Copyright 2005 by The Associated Press. All Rights Reserved.)

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