November 2024’s taxes and net lottery revenue increased 10.5% from the prior year, totaling $2.9 billion. This was $147.7 million more than prior projections according to the monthly revenue report by the Senate Fiscal Agency.
Key Points:
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- Revenue dedicated to the General Fund was $31.8 million more than estimates, while school Aid Fund collections were $103.3 million above projections.
- Net income tax revenue increased 11.4% from the prior year, totaling $1.1 billion.
- Withholding payments grew 12.3% from the previous year and $14.5 million higher than estimates.
- Sales tax receipts decline 1.5% from the previous year, totaling $843.5 million.
- Use tax collections totaled $234.7 million, an increase of 7.4% from the prior year and $6.2 million above projections.
- Sales tax collections from motor vehicle sales declined 5.7% from the prior year, totaling $99.9 million.
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