Commonwealth Releases August Revenues
The Independent Fiscal Office and state Department of Revenue have released August 2022 revenue reports. The state collected $2.9 billion in August, the second month of the fiscal year, $103.6 million above estimates. Personal income tax revenues were 1.5% below estimates.
The Motor License Fund received $239.7 million in August, $25.3 million below estimates. Year-to-date revenues are 4.9% below estimates. The high cost of fuel is limiting consumption so local road funding will be reduced. The fund includes liquid fuels taxes and other license, fine, and fee revenues. Click here for the IFO report and here for Revenue’s report.