Commonwealth Ends Fiscal Year Nearly 15% Over Covid Estimates
The Independent Fiscal Office and state Department of Revenue have released June 2022 revenue reports and fiscal year end totals. The state collected $4.24 billion in June, exceeding estimates by more than 20%. State General Fund collections for the fiscal year that ended June 30 exceed estimates by more than $6.22 billion or 14.8%. This result was due to dramatic overages in almost every tax type, including personal income tax (16.8% over estimates for the year), corporate net income tax (51.5% over estimates for the year), and sales and use tax (11.7% over estimates for the year.)
The Motor License Fund received $254.2 million in June, $7.1 million above estimate. The fund includes liquid fuels taxes and other license, fine, and fee revenues. Motor License collections for the fiscal year totaled $2.9 billion, 1.3% above estimate.
Click here for the Independent Fiscal Office report. View the state Department of Revenue press release here.