IFO: July State Tax Revenues $92 Million, 3.8% Behind Its Estimates

On August 8, the Independent Fiscal Office reported July state tax revenues were 3.8 percent or $92 million below its revenue estimates for the month.  According to the IFO, July should have brought in a total of $2.421 billion; the actual collections last month totaled $2.329 billion.

While corporate net income tax and personal income tax revenues were above estimates, they could not offset the drop in Sales Tax which was $112.6 million below estimates-- 10.8 percent.

Legislators routinely believe the IFO’s revenue estimates are more conservative.

Click Here for a copy of the IFO report.