State Revenue Collection Now $3 Billion Over Estimates for Year-To-Date ￼
The Independent Fiscal Office and state Department of Revenue have released March 2022 revenue reports. State General Fund collections year-to-date exceed estimates by more than $3 billion or 9.8%. The overage was primarily due to stronger-than-anticipated collections for the sales and use tax, personal income tax, and corporate net income tax. PIT collections alone were 13% above estimate. March brought in $5.6 billion in General Fund revenues.
The Motor License Fund received $239.7 million in March, $19.4 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 $1.8 billion, 2.7% above estimate.
Click here for the Independent Fiscal Office report. View the state Department of Revenue press release here.