State Revenues Up Over $1.6 Billion for Year
The Independent Fiscal Office (IFO) and state Department of Revenue have released May 2021 revenue reports. State General Fund collections totaled $3.95 billion and were $1.33 billion higher than the IFO’s revised estimates, primarily due to personal income tax payments. Overall collections for the fiscal-year-to-date are higher than expected ($1.6 billion, or 4.6% above estimate).
The Motor License Fund received $236.2 million in May, $3.1 million below 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 $2.6 billion, 0.7% below estimate.
Click here for the Independent Fiscal Office report. View the state Department of Revenue press release here.