State Revenues Exceed $2 Billion Over Estimate
The Independent Fiscal Office (IFO) and state Department of Revenue have released January 2022 revenue reports. State General Fund collections totaled $3.6 billion in January and were 14% higher than estimates. The overage was primarily due to stronger-than-anticipated collections for the sales and use tax and personal income tax. PIT collections alone were 8.6% above estimate. Overall collections for the fiscal year-to-date are higher than expected ($2.2 billion, or 9.2% above estimate).
The Motor License Fund received $223 million in January, $0.3 million below estimate. The fund includes liquid fuels taxes and other license, fine, and fee revenues. Motor License collections for the fiscal year-to-date total $1.6 billion, 3.9% above estimate.
Click here for the Independent Fiscal Office report. View the state Department of Revenue press release here.