The Independent Fiscal Office and state Department of Revenue have released the May 2023 revenue reports. The state collected $3.3 billion in May, the 11th month of the fiscal year, 2.5% below IFO’s official estimate. Fiscal year-to-date general fund collections total $41.2 billion, or 6.3% above IFO’s estimate. Weakening corporate net income and personal income withholding taxes were the primary reasons revenues were short of estimates.
The Motor License Fund received $280.8 million in May, $27.2 million below estimates. Fiscal year-to-date revenues are 1.5% above estimates. The fund includes liquid fuels taxes and other license, fine, and fee revenues. Click here for the IFO report and here for Revenue’s press release.