State finishes August $2.9 million above estimate

The state’s August collections are slightly above estimates with total tax collections at $497.2 million; $2.9 million or 0.59% more than the estimate. Those collections are also $2.8 million more than the same month in Fiscal Year 2019.

Retail sales tax collections were $205.3 million; up 3.67% from the $198.0 million estimate. Compensating use tax collections came in at $32.6 million; $2.4 million below the estimate.

Individual income tax collections were $231.3 million. This is $6.3 million, or 2.78%, more than the estimate and $10.5 million more than August 2018. Corporate income tax collections were $6.6 million; $5.4 million below the estimate.

“We continue to hold steady with the estimates,” Secretary Mark Burghart said. “I’m encouraged by both the improved sales tax collections and the stability of individual tax collections as we have now finished the second month of the fiscal year.”