Better than expected collections from individual income and corporate taxes are credited for boosting state revenues in May.
The State Budget Agency reported general fund revenues for May totaled $1,732.4 million, which is $209.2 million or 13.7% above December estimates but $145.9 million or 7.8% below revenue in May 2021.
Monthly fluctuations are influenced by refunds, payment timing, and seasonal factors, the state said. Year-over-year comparisons to the state’s 2021 fiscal year must be considered relative to the pandemic, tax deadlines, and evolving federal policy actions on assistance programs, economic impact payments, interest rates, and more.
The state said year-over-year comparisons relative to May 2021 are impacted by the deferral of the tax deadline in its 2021 fiscal year from April to May 2021.
Sales tax collections totaled $846.8 million for May, which is $3.5 million or 0.4% below the monthly estimate but $34.6 million or 4.3% above revenue in May 2021.
Individual income tax collections totaled $714.8 million for May, which is $172.1 million or 31.7% above the monthly estimate but $219.3 million or 23.5% below revenue in May 2021.
Corporate tax collections totaled $97.4 million for May, which is $52.8 million or 118.4% above the monthly estimate and $51.2 million or 110.8% above revenue in May 2021.
Year-to-date general fund revenues totaled $18,689.3 million, which is $1,074.6 million or 6.1% above the December 2021 revenue forecast and $1,705.7 million or 10.0% above revenues through the same period in the prior fiscal year.