This week, the nonpartisan House Fiscal Agency released their monthly revenue report for February 2017. Collections from major taxes, penalties and interest, and lottery transfers was $901.9 million for the month, $180.8 million less than the prior year. However, year-to-date collections are 5% higher than the prior fiscal year. General Fund/General Purpose tax revenue for the month is estimated at $42.6 million, $196.6 million less than estimated at the January Consensus Revenue Estimating Conference. Additionally, net business tax revenue was $237.5 million less than estimated. Revenue earmarked for the School Aid Fund is estimated at $769.6 million, which is $4.5 million higher than estimates.
While the fiscal year-to-date net business taxes are $91.7 million more than the prior year, there remains great uncertainty with the timing of MEGA credits being claimed, which may account for significant fluctuations from prior years. Additionally, despite the year over year growth, the net business tax collections last month were a negative $261.2 million.
To read the full report, please click here.
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