State revenue for April exceeds expectations
Fiscal year-to-date General Fund collections total $25.7 billion, also above estimated revenue by $569.1 million.
A breakdown of sales, personal income, corporate, inheritance, realty transfer and miscellaneous taxes shows some variations with certain sectors posting losses, but overall reveals a healthy gain with a bottom line of funding above previous estimates.
Sales tax receipts came in at $827.7 million, which is $10.9 million above expectations. Personal income tax (PIT) revenue totaled $21.1 million over estimated profits for the month, for a total of $2.1 billion. April corporation tax revenue, at $443 million, weighed in at $20.4 million below expectations; while $92.4 million in inheritance tax was revealed to be $9.8 million above estimations. Finally, realty transfer taxes netted $32.6 million, $4.6 million below the anticipated figure.
Miscellaneous General Fund tax revenue derived from cigarette, alcohol and gaming taxes—totaling $108.4 million in April—was $5.4 million less than expected. Non-tax revenue, at $445.8 million, posted a $189.5 million gain for the month.
In addition to the General Fund collections, the Motor License Fund received $276.7 million for the month, $33.2 million above estimate. Fiscal year-to-date collections for the fund – which include gas and diesel taxes, as well as other license, fine and fee revenues – total $2.2 billion, which is $131.7 million above estimate.