August State Revenues 1.2% More Than Anticipated, Year-To-Date 0.6% Above Estimates

The Department of Revenue Tuesday reported August state revenues were $27.1 million or 1.2 percent, more than anticipated.  Fiscal-year-to-date revenues are $26 million or 0.6 percent above estimates.

Sales tax receipts totaled $910.6 million for August, $35.6 million above estimate. Year-to-date sales tax collections total $1.9 billion, which is $35.6 million, or 1.9 percent, more than anticipated.

Personal income tax (PIT) revenue in August was $949.6 million, $20.5 million below estimate, however the monthly growth rate for all PIT was 5.6 percent higher compared to August 2017 collections. This brings year-to-date PIT collections to $1.8 billion, which is $20.6 million, or 1.1 percent, below estimate.

August corporation tax revenue of $83.7 million was $34.7 million above estimate. Year-to-date corporation tax collections total $183.2 million, which is $33.9 million, or 22.7 percent, above estimate.

Inheritance tax revenue for the month was $90.9 million, $0.6 million below estimate, bringing the year-to-date total to $176.1 million, which is $0.5 million, or 0.3 percent, below estimate.

Realty transfer tax revenue was $58.2 million for August, $0.9 million above estimate, bringing the fiscal-year total to $90.9 million, which is $0.9 million, or 1 percent, more than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $173.4 million for the month, $10.3 million above estimate and bringing the year-to-date total to $293.6 million, which is $10.1 million, or 3.5 percent, above estimate.

Non-tax revenue totaled $7.8 million for the month, $33.3 million below estimate, bringing the year-to-date total to $38.9 million, which is $33.5 million, or 46.2 percent, below estimate.

In addition to the General Fund collections, the Motor License Fund received $250.8 million for the month, $13.2 million below estimate. Fiscal year-to-date collections for the fund – which include the commonly known gas and diesel taxes, as well as other license, fine and fee revenues – total $482.3 million, which is $13.2 million, or 2.7 percent, below estimate.