State Revenues Up Nearly $2 Billion for Year
The Independent Fiscal Office (IFO) and state Department of Revenue have released June 2021 revenue reports. State General Fund collections totaled $3.77 billion and were $350 million higher than the IFO’s revised estimates, primarily due to corporate net income tax and sales and use tax revenues. Overall collections for the fiscal year-end are higher than expected ($1.95 billion, or 5.1% above estimate).
The Motor License Fund received $273.5 million in June, $37.1 million above estimate. The fund includes liquid fuels taxes and other license, fine, and fee revenues. Motor License collections for the fiscal year-end total $2.8 billion, 0.7% above estimate.
Click here for the Independent Fiscal Office report. View the state Department of Revenue press release here.