Independent Fiscal Office, Revenue Release August Revenue
The Independent Fiscal Office and state Department of Revenue have released August revenue reports. For the month of August, state General Fund collections totaled $2.5 billion and were $247.7 million (10.8 percent) higher than anticipated. The increase was largely due to the sales and use tax and personal income tax.
Personal income tax collections for August were $876.1 million, $41 million (5.4 percent) above estimate. However, compared to August 2019, revenues declined by 3.1 percent.
The Motor License Fund received $265.8 million in August, $0.9 million below estimate. Fiscal year collections to date (which only includes July and August) are $6.4 million, or 1.2 percent, above estimate.
Click here for the Independent Fiscal Office report. View the state Department of Revenue press release here.