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State Revenue in December Up Nearly 19%

1 min read

The state Department of Finance and Administration reported that December sales tax collections came in at $719.6 million, which is 18.9% above the same month last year and 8.6% above forecast.

Net available general revenue was $646.1 million, $115.8 million above December 2020 and $52.1 million — or 8.8% — above forecast.

Fiscal year-to-date net available general revenue was $3.42 billion, 6.1% above the same time last year and 1.5% above forecast. The department noted that comparisons with a year ago remain somewhat distorted by the 2020 income tax due date being pushed back to July. 

All major collection categories were above forecast last month.

Individual income tax collections benefited from both payroll withholding and estimated payments, according to the department. Corporate estimated payments greatly exceeded forecast levels.

The department reported that sales tax collection growth was broad-based with a mix of rebounding sectors hit hard by COVID-19 and sustained growth in early-gaining sectors.

Individual income tax collections for the month totaled $274.3 million, or $16.7 million above forecast, and corporate income tax collections totaled $136.9 million, or $24.7 million above projections.

Among smaller revenue sources, tobacco was above forecast by $1.8 million and below collections a year ago. Results in gaming revenue were below forecast for the month by $0.1 million.

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