OCR Text |
Show 2.5 Tax Collection Increase FJoted; Corporation, Income Totals Decline Despite a drop of 5.9 per cent in corporation and income taxes tax-es for the period ending March 31, 1950, over the corresponding correspond-ing period of 1949, a general increase of 2.5 per cent is noted for all tax collections. This is reflected in a comparative com-parative report of tax collections collec-tions issued last week by the Utah State Tax commission. More than off-setting the drop of income and corporation tax is the rise of 15.6 per cent in the collection of sales tax at the close of March, 1950. According to K. P. Barney, cashier of the Tax Commission, the report indicates an increase of public buying. At the same time, the report reflects the strike of the Kennecott Copper corporation during 1949 and the closing of the Park City mines. Mr. Barney also pointed out that the . drop of income and corporation -tax can be attributed, attrib-uted, in part, to the fact that many corporations, which i n the past have paid their taxes in full, are now paying the tax liability in quarterly installments. install-ments. The remaining taxes collected collect-ed by the Tax Commission adhere ad-here closely to the marks established es-tablished at the close of March, 1949. A notable drop is found in collections of motor fuel tax over the same month of the previous pre-vious year. A decrease of 35.5 per cent is shown on the report; however, Mr. Barney explains this decrease de-crease as motor fuel tax monies mon-ies credited to February collection collec-tion and which belong on the March collection list. Taxes collected, which are reverted to the general fund of tne state, snow an increase oi 6.2 per cent for the fiscal year to March 31, 1950; the relief fund, an increase of 3.4 per cent; and the road fund, an increase in-crease of 7.3 per cent. Uniform school fund, reserve fund and special funds show decreases de-creases of 1.3 per cent, 1.9 per cent and 29.5 per cent, respectively, respec-tively, for the fiscal year to March 31, 1950. |