For the second month in a row reverence collections came in above estimate. The $2.2 billion the Department of Revenue collected in January was $72.8 million or 3.4 percent above estimate. The total makes Fiscal year-to-date General Fund collections total $13.7 billion, which is $264 million, or 2 percent, above estimate, according to figures released by the Department of Revenue.
“We’re still looking at what could be over a $4 billion deficit this year based on a loss of federal dollars and other factors not related to this year’s collections,” one Senate budget expert said. “But it increasingly looks like this year’s collections won’t add to the problem.”
Sales tax receipts totaled $813.1 million for January, $4.8 million above estimate. Year-to-date sales tax collections total $5 billion, which is $107.7 million, or 2.2 percent, more than anticipated.
Personal income tax (PIT) revenue in January was $1.1 billion, $72.8 million above estimate. This brings year-to-date PIT collections to $5.6 billion, which is $89.5 million, or 1.6 percent, above estimate.
January corporation tax revenue of $89.9 million was $900,000 above estimate. Year-to-date corporation tax collections total $1.3 billion, which is $92.3 million, or 7.4 percent, above estimate.
Inheritance tax revenue for the month was $57.9 million, $1.6 million below estimate, bringing the yearto- date total to $438.7 million, which is $3.3 million above estimate.
Realty transfer tax revenue was $23.3 million for January, $100,000 below estimate, bringing the fiscalyear total to $172.6 million, which is $32.9 million less than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $97 million for the month, $9.4 million below estimate and bringing the year-to-date total to $849.4 million, which is $8.2 million below estimate.
Non-tax revenue totaled $20.8 million for the month, $5.4 million above estimate, bringing the year-todate total to $340.2 million, which is $12.4 million above estimate.
In addition to the General Fund collections, the Motor License Fund received $244.4 million for the month, $22 million above estimate. Fiscal year-to-date collections for the fund total $1.5 billion, which is $185.3 million, or 13.7 percent, above estimate.