State Revenues Continue Above Projections
The Independent Fiscal Office and state Department of Revenue have released March 2021
revenue reports. State General Fund collections totaled $4.8 billion and were $284 million above the IFO’s revised estimates. The overage was the result of a higher than expected personal income tax, corporate net income tax, and inheritance tax collections. Collection for the fiscal-year-to-date are higher than expected ($551 million, or 2% above estimate.)
The Motor License Fund received $229.8 million in March, $10.3 million above estimate. The Motor License Fund includes liquid fuels taxes and other license, fine, and fee revenues. Motor License collections for the fiscal year-to-date total $2 billion, 1.4% below estimate.
Click here for the Independent Fiscal Office report. View the state Department of Revenue press release here.