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.