State Collects More Taxes Than Expected Again

The state has yet again collected more in taxes than it was expecting to.

Total tax collections for November were $626.8 million.

That is 3.1%, or $18.9 million, more than the estimate.

Individual income tax collections were below the estimate for the month by 1.6%, due to remittance due dates.

Corporate income tax collections were 64.1%, more than the estimate.

Sales and use tax collections were 3.1% more than the estimate.

To break that down, retail sales collections were 3.0%, more than the estimate for the month.

Compensating use tax collections were 3.2%, more than the estimate.

Revenue numbers come after the Consensus Revenue Estimating Group – made up of state financial advisors, researchers, and university economists – met to evaluate the estimates for the remainder of the fiscal year.