General Fund Revenue Report - August 2024

By Gueorgui Tochev , Senior Budget Analyst | one month ago

General Fund revenues in August were $53.9 million or 1.9% higher than expected. For the year-to-date, General Fund revenues are $53.8 million or 0.9% above estimate.

Overall Personal Income Tax (PIT) collections underperformed for the month by $20.3 million or 1.8%. As a component of PIT, withholding payments finished the month $18.2 million or 1.7% lower than estimate and non-withholding payments were $2.1 million or 2.7% less than expected. For the year-to-date, PIT collections are $20.3 million or 0.9% under expectations.

Sales and Use Tax (SUT) collections were $5.6 million above estimate for the month, resulting in year-to-date SUT collections of $5.6 million or 0.2% above estimate.

Corporate Net Income Tax (CNIT) collections were $11 million or 8.6% lower than projected in August. Combined year-to-date CNIT revenue is lower than projections by $10.9 million or 3.2%.

Inheritance Tax revenue was $44.7 million or 31.9% higher than expected for the month, putting year-to-date collections $44.7 million or 16.6% ahead of estimate. Similarly, Nontax revenue was also $26.3 million or 35.3% above estimate. For the year-to-date, Nontax revenue is $26.2 million or 16.9% higher than expected, making it the highest outperforming General Fund revenue source through the end of August.