Total cash collections from major taxes, penalties and interest, and lottery transfers increased last month from the prior year, totaling $2,962.6 million. However, year-to-date, collections for the current year are down 2.4% from the prior fiscal year, according to the latest monthly report from the House Fiscal Agency.
Key Points:
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- General Fund/General Purpose revenue totaled $1,477.2 million last month, which was $61.3 million above estimates.
- School Aid Fund revenue came in at $1,290.7 million, which was $9.1 million above estimates.
- Net income tax revenue totaled $1,114.2 million.
- Net income tax collections through July were $637.2 million less than the prior fiscal year.
- Net business taxes were $139.6 million higher than the prior year.
- Consumption tax revenue collections totaled $1,222.2 million.
- Sales tax collections totaled $90.1 million below last year’s figure on a year-to-date basis.
- Use tax collections increased year-over-year by $39.1 million.
To read the full report, please click here.
