Tuesday, October 1, 2019

September State Revenue Collections $17.8 Million (0.6%) Less Than Anticipated; Still $44.6 Million Ahead For Fiscal Year

On October 1, the Department of Revenue announced it had collected $3.2 billion in General Fund revenue in September, which was $17.8 million, or 0.6 percent, less than anticipated. 
Fiscal year-to-date General Fund collections total $7.7 billion, which is $44.6 million, or 0.6 percent, above estimate. Read more here.
The Independent Fiscal Office put out its own evaluation saying General Fund revenues exceeded its September estimate by $111.0 million and by $86.2 million for the fiscal year-to-date (FYTD). The monthly outcome was due to stronger than expected corporate net income tax (CNIT), personal income tax (PIT) and escheat collections.  Read more here.
Revenue Details
Sales tax receipts totaled $945.6 million for September, $0.8 million below estimate. Year-to-date sales tax collections total $2.8 billion, which is $32.3 million, or 1.2 percent, more than anticipated.
Personal income tax (PIT) revenue in September was $1.3 billion, $31.6 million above estimate. This brings year-to-date PIT collections to $3.1 billion, which is $50.2 million, or 1.6 percent, above estimate.
September corporation tax revenue of $627.2 million was $71.5 million below estimate. Year-to-date corporation tax collections total $813.1 million, which is $78.9 million, or 8.8 percent, below estimate.
Inheritance tax revenue for the month was $86.6 million, $5.7 million above estimate, bringing the year-to-date total to $282.1 million, which is $9.4 million, or 3.4 percent, above estimate.
Realty transfer tax revenue was $49.5 million for September, $4.3 million above estimate, bringing the fiscal-year total to $124.4 million, which is $1.8 million, or 1.4 percent, less than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $155.8 million for the month, $6.3 million below estimate and bringing the year-to-date total to $429.5 million, which is $5.7 million, or 1.3 percent, below estimate.
Non-tax revenue totaled $42.6 million for the month, $19.3 million above estimate, bringing the year-to-date total to $94.4 million, which is $39.1 million, or 70.8 percent, above estimate.
In addition to the General Fund collections, the Motor License Fund received $235.3 million for the month, $12.2 million above 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 $687.9 million, which is $20.7 million, or 2.9 percent, below estimate.

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