Money Pouring Into State Coffers

Money is pouring into state coffers at a much higher rate than the state’s estimates, according to the latest numbers released by the state.

For the month of May, the state collected $1.1 billion in total taxes; an increase of $509.4 million, or 93.7%, more than the state’s estimate.

Individual income tax collections were $708.7 million.

That is 154.9% above the estimate.

Corporate income taxes came in at $24.8 million, or 495.6% more than the estimate.

Retail sales tax collections of $227.8 million were $32.8 million, or 16.8%, more than the estimate.

Compensating use tax collections were $54.4 million, which was $14.4 million, or 36%, more than estimated.