Revenue officials say that even though overall revenue collections for October fell short of anticipated figures they are encouraged by some of the numbers.
"The motor vehicle sales tax and realty transfer tax collection are really bright spots for us,‖ said Elizabeth Brassell, Press Secretary for the Department. ―They mean we’ll probably avoid monthly deficits above $100 million."
Overall, the state collected $1.8 billion in General Fund revenue in October, which was $67.1 million, or 3.6 percent, less than anticipated. Fiscal year-to-date General Fund collections total $7.7 billion, which is $282.1 million, or 3.6 percent, below estimate.
But sales tax receipts totaled $726.7 million for October, $22 million above estimate. Year-to-date sales tax collections total $2.9 billion, which is $8.6 million, or 0.3 percent, less than anticipated.
And even though the realty transfer tax number revenue was $3.8 million below estimate, it was 9.3 percent above last October’s number.
"It shows the low interest rates are really kicking in to help the economy," Brassell said.
Other collections include the following: Personal income tax (PIT) revenue in October was $735.6 million, $37.4 million below estimate. This brings year-to-date PIT collections to $3.1 billion, which is $134.6 million, or 4.2 percent, below estimate.
October corporation tax revenue of $107.3 million was $53.4 million below estimate. Year-to-date corporation tax collections total $711.2 million, which is $142.9 million, or 16.7 percent, below estimate.
Inheritance tax revenue for the month was $67.6 million, $4.3 million above estimate, bringing the year-to-date total to $268.2 million, which is $2.1 million, or 0.8 percent, below estimate.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $130.1 million for the month, $800,000 above estimate and bringing the year-to-date total to $507.6 million, which is $8.1 million, or 1.6 percent, above estimate.
Non-tax revenue totaled $15.9 million for the month, $400,000 above estimate, bringing the year-to-date total to $90.8 million, which is $6.9 million, or 8.2 percent, above estimate.
In addition to the General Fund collections, the Motor License Fund received $215 million for the month, $11.8 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 $832 million, which is $5.8 million, or 0.7 percent, below estimate.