State Revenues Approaching $2 Billion Over Estimates
The Independent Fiscal Office (IFO) and state Department of Revenue have released December 2021 revenue reports. State General Fund collections totaled $3.8 billion in December and were 17.2% higher than estimates. The overage was primarily due to stronger-than-anticipated collections for the corporate net income tax, sales and use tax, and personal income tax. PIT collections alone were 7.4% above estimate. Overall collections for the fiscal year-to-date are higher than expected ($1.76 billion, or 8.5% above estimate).
The Motor License Fund received $208.5 million in December, $14.2 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 $1.4 billion, 4.5% above estimate.
Click here for the Independent Fiscal Office report. View the state Department of Revenue press release here.