The Independent Fiscal Office and state Department of Revenue have released April 2022 revenue reports and the state collected $6.5 billion, a one-month record. State General Fund collections year-to-date exceed estimates by more than $4.5 billion or 12.4%. The overage was primarily due to stronger-than-anticipated collections for the sales and use tax, personal income tax, and corporate net income tax. PIT collections alone were $1.53 billion above estimate, while corporate net income tax was over estimate by 75%, and sales and use tax were 16.9% higher than estimated.
The Motor License Fund received $247.2 million in April, $36.1 million below estimate. The fund includes liquid fuels taxes and other license, fine, and fee revenues. Motor License collections for the fiscal year-to-date total $2.3 billion, .8% above estimate.