On November 2, the Department of Revenue collected $2.6 billion in General Fund revenue in October, which was $365.6 million, or 16.4 percent, more than anticipated.
Fiscal year-to-date General Fund collections total $12.5 billion, which is $824.5 million, or 7.1 percent, above estimate.
The Independent Fiscal Office released its own report on October state revenues saying they were $275.2 million or 11.9 percent higher than their projections. Read more here.
“Revenue collections are ahead of estimate to this point in part because of better than expected collections in our three primary revenue sources — sales tax, personal income tax and corporate net income tax,” Secretary Hassell said. “We’re pleased to see the national economy is bouncing back from the recession caused by the COVID-19 pandemic. However, we still have a long way to go to recover the revenue that was lost during the economic downturn earlier this year.”
The Department of Revenue will continue to closely monitor revenue collections so that the Governor and members of the General Assembly have the latest information as it becomes available.
Below is a full overview of October revenues by tax type:
Sales tax receipts totaled $1.1 billion for October, $145.0 million above estimate. Year-to-date sales tax collections total $4.4 billion, which is $328.4 million, or 8.1 percent, more than anticipated.
Personal income tax (PIT) revenue in October was $1.0 billion, $123.2 million above estimate. This brings year-to-date PIT collections to $5.5 billion, which is $185.6 million, or 3.5 percent, above estimate.
October corporation tax revenue of $122.6 million was $25.2 million above estimate. Year-to-date corporation tax collections total $1.3 billion, which is $157.8 million, or 14.3 percent, above estimate.
Inheritance tax revenue for the month was $97.1 million, $17.0 million above estimate, bringing the year-to-date total to $405.6 million, which is $51.3 million, or 14.5 percent, above estimate.
Realty transfer tax revenue was $65.4 million for October, $22.2 million above estimate, bringing the fiscal-year total to $193.2 million, which is $55.3 million, or 40.1 percent, more than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $161.1 million for the month, $24.2 million above estimate and bringing the year-to-date total to $639.1 million, which is $77.9 million, or 13.9 percent, above estimate.
Non-tax revenue totaled $32.3 million for the month, $8.7 million above estimate, bringing the year-to-date total to $86.7 million, which is $31.8 million, or 26.8 percent, below estimate.
In addition to the General Fund collections, the Motor License Fund received $205.3 million for the month, $6.3 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 $975.3 million, which is $6.1 million, or 0.6 percent, below estimate.
[Posted: November 2, 2020]
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