Last month, major taxes and net lottery revenue declined 24.7% from the prior year, coming in at $1.6 billion. Additionally, collections were roughly $169.6 million below prior projections from the consensus revenue estimating conference held earlier this year.
Key Points:
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- Income tax revenue for the month was $246.9 million, a 60.8% decline from March 2023 and $81.5 million below projections.
- General Fund collections came in at $210.1 million below projections, while School Aid Fund collections were $42 million above estimates.
- Individual income tax refunds were $1.3 billion, which is an all-time high, coming in at 26.2% more than the previous record set in February 2024 and 66.7% higher than the March 2023 level.
- Sales tax receipts for the month came in at $763.9 million, which was a 7.7% decrease from the prior year and $72.7 million below the forecast.
- Use tax collections were 18.9% above the prior year, totaling $222.4 million.
To read the full monthly revenue report from the Senate Fiscal Agency, please click here.
