On December 1, the Independent Fiscal Office reported November state revenue collections were $2.34 billion, which was $90.9 million above the monthly projections associated with the Independent Fiscal Office’s June 2020 Official Estimate.
General Fund fiscal-year-to-date (FYTD) collections exceed the estimate by $1.11 billion (8.0 percent).
The monthly outcome was due to stronger than expected sales and use tax (SUT) and corporate net income tax (CNIT) collections, which were largely offset by lower than expected personal income tax (PIT) withholding collections.
Withholding collections in November were reduced by a $200 million transfer to the Property Tax Relief Fund (PTRF) under Act 114 of 2020 (which was not included in the IFO’s Official Estimate).
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[Posted: December 1, 2020]
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