SC tax collections better than expected | AP News | Our Gazette

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SC tax collections better than expected

Published Friday, July 16, 2010 8:15 AM

COLUMBIA, S.C. (AP) — South Carolina is collecting more taxes than expected.

The State newspaper reported that economists say South Carolina collected nearly $140 million more than expected from April through June.

Economists say the increased collections are a sign the economy is improving. But Board of Economic Advisors' chairman John Rainey says it's too early to raise official estimates that would give lawmakers more to spend in the coming year.

Corporate income taxes are up for a third straight month, compared to the same period last year. It's the first three-month increase since the recession began in 2008.

The unemployment rate dropped to 10.5 percent in May, but many of the new jobs were temporary positions with the U.S. Census.

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