Sales tax collection exceeds estimates

April 02, 1992|By Annapolis Bureau

ANNAPOLIS -- Maryland sales tax collections in March not only exceeded estimates, but also exceeded actual collections for the same month in each of the past two years, signaling that an economic recovery is under way, the state's chief tax collector said.

"It shows you the economy is picking up," Comptroller Louis L. Goldstein said yesterday.

Sales tax collections in March -- which reflect business activity in February -- were $112.4 million, or $1.7 million higher than estimates that were revised downward in December. While breakdowns aren't available yet, Marvin Bond, a spokesman for Mr. Goldstein, said the collections probably reflect a continuation of construction activity that began to accelerate in February.

"Every month that we go that shows an improvement . . . is further evidence against a 'double dip' depression," Mr. Bond said.

The only other month in the past 15 for which actual collections exceeded collections two years earlier was December, he said.

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