October Tax Revenues Continue Higher Than Expected   

According to the Independent Fiscal Office (IFO), state General Fund collections for October totaled $2.6 billion and were $275.2 million (11.9%) higher than anticipated. Fiscal year-to-date General Fund collections exceed estimates by $1.01 billion (8.8%) (July to October.) The sales tax, personal income tax, and corporate net income tax were all above estimates, as well as the realty transfer tax. October 2020 sales tax revenues exceeded October 2019 by 5.7%. Click here for the IFO report. 

The state Department of Revenue reported that the Motor License Fund received $205.3 million in October, $6.3 million below estimate. Fiscal year-to-date collections remain slightly below estimates for the fund (July to October), totaling $975.3 million. Click here for more.