The Independent Fiscal Office and state Department of Revenue have released May 2022 revenue reports and the state collected $3.2 billion, exceeding estimates by nearly 17%. State General Fund collections year-to-date exceed estimates by more than $5.5 billion or 14.3%. The overage was primarily due to stronger-than-anticipated collections for the sales and use tax, personal income tax (PIT), and corporate net income tax. PIT collections alone were $1.11 billion, or 16.5% above estimate, while corporate net income tax was over estimate by 40.3%, and sales and use tax were 16.5% higher than estimated.
The Motor License Fund received $301.1 million in May, $10.7 million above estimate. The fund includes liquid fuels taxes and other license, fine, and fee revenues. Motor License collections for the fiscal year-to-date total $2.6 billion, 1.2% above estimate.