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State Revenue in August 10% Above Forecast

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The state Department of Finance and Administration said Thursday that August net available general revenue was $518.9 million, $33.5 million above August 2020 and $47.1 million — or 10% — above forecast.

Year-to-date net available general revenue was $1.03 billion, 10.2% below the same time last year and 9.1% above forecast.

The department said comparisons with the prior year are distorted because the income tax due date was shifted to from April to July 2020 amid pandemic relief efforts.

All major collection categories were above forecast last month.

August sales tax collections came in at 8.6% above the same month last year and 5.9% above forecast.

The report said individual income tax collections for the month were 12% above forecast, and corporate income tax collections were 40% above projections.

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