Independent Fiscal Office, Revenue Release Higher November Revenue Numbers
The Independent Fiscal Office and state Department of Revenue have released November revenue reports. For the month of November, state General Fund collections totaled $2.3 billion and were $90.9 million higher than anticipated. The increase was largely due to the sales and use tax and corporate net income tax, which offset lower than expected personal income tax collections. Personal income tax collections for November were below estimate by $188.2 million (-21.6%). The Motor License Fund received $257.7 million in November.
Click here for the Independent Fiscal Office report. View the state Department of Revenue press release here.