The Independent Fiscal Office and state Department of Revenue have released July 2022 revenue reports and fiscal year-end totals. The state collected $2.7 billion in July, the first month of the new fiscal year, $4 million below prior year collections. Personal income tax revenues were up 1.4% over the prior year and sales tax increased by 1.7% over the prior year based largely on inflationary prices. Estimates for 2022-2023 are not complete and therefore are not included.
The Motor License Fund received $240.9 million in July. The fund includes liquid fuels taxes and other license, fine, and fee revenues.