General Fund Revenue Report - May 2022

By Eric Dice , Assistant Executive Director | 27 days ago

Entering the last month of the fiscal year, General Fund revenues continued to outperform the official estimate. Revenues were $402.4 million above estimate in May, bringing the year-to-date total to $4.88 billion ahead of projections.

Corporate net income tax collections were $129.1 million above estimate, or 37.1 percent. As anticipated, CNIT final payments remitted by taxpayers in May were well above estimate, similar to the final payments received in April for both CNIT and the personal income tax. CNIT final payments were $110.4 million above estimate this month.

Personal income tax collections were $126.9 million above estimate, or 12.9 percent. Final annual payments received in May were $57.3 million above estimate, while quarterly estimated payments were $23.3 million higher than anticipated. Employer withholdings on wages and salaries were $46.3 million better than expected.

Rounding out the large tax types, sales and use tax collections were $129.1 million above estimate or 12.0 percent. Both non-motor and motor vehicle collections exceeded estimate; non-motor collections were $100.7 million above estimate and motor vehicle collections were $28.4 million higher than projected.

For May

  • Total General Fund collections were $402.4 million higher than expected (14.2 percent)
  • General Fund tax revenues were $411.8 million higher than anticipated (14.8 percent)
  • The corporate net income tax was $129.1 million higher than expected (37.1 percent)
    • Final payments for corporations were 110.4 million above estimate (35.6 percent)
  • Sales and use tax collections exceeded projections by $129.1 million (12.0 percent)
    • Non-motor collections were $100.7 million higher than projected (10.8 percent)
    • Motor vehicle collections were $28.4 million above estimate (19.6 percent)
  • Personal income tax collections were $126.9 million higher than the official estimate (12.9 percent)
    • Employer withholdings on wages and salaries were $46.3 million higher than anticipated (5.1 percent)
    • Quarterly estimate payments were $23.3 million more than expected (105.5 percent)
    • Final payments remitted with tax returns were $57.3 million above estimate (101.6 percent)
  • Realty transfer tax revenues were $13.9 million above estimate (25.1 percent)
  • Inheritance tax collections were $15.6 million higher than estimated (13.4 percent)
  • Non-tax revenues were $9.4 million below the official estimate (-24.1 percent)

For the 2021/22 Fiscal Year to Date

  • Cumulative General Fund revenues are $4.88 billion higher than expected (12.5 percent)
  • General Fund tax revenues were $4.77 billion higher than projected (13.8 percent)
  • Corporate net income tax revenues are $1.15 billion more than expected (36.0 percent)
  • Sales and use taxes are $1.02 billion more than expected (8.7 percent)
  • Personal income tax collections are $2.18 billion higher than anticipated (15.2 percent)
  • Realty transfer taxes are $153.9 million above estimate (24.9 percent)
  • Inheritance taxes are $159.8 million better than projected (12.6 percent)
  • Non-tax revenues are $112.9 million above the estimate (2.5 percent)

 

General Fund Revenues - Year-to-Date Performance vs Official Estimate
Through April 2021
  YTD Estimate YTD Revenues Difference
Corporation Taxes
Accelerated Deposits $0.0 −$2.3 −$2.3
Corporate Net Income Tax $3,199.7 $4,353.1 $1,153.4
Gross Receipts Tax $1,016.5 $1,019.5 $3.0
Utility Property Tax $40.7 $39.5 −$1.2
Insurance Premiums Taxes $440.8 $491.5 $50.7
Financial Institutions Taxes $400.8 $443.7 $42.9
Subtotal - Corporation Taxes $5,098.5 $6,345.0 $1,246.5
Consumption Taxes
Sales and Use Tax $11,679.2 $12,696.8 $1,017.6
Cigarette Tax $809.9 $780.4 −$29.5
Other Tobacco Products $130.4 $136.6 $6.2
Malt Beverage Tax $20.7 $20.4 −$0.3
Liquor Tax $392.7 $396.5 $3.8
Subtotal - Consumption Taxes $13,032.9 $14,030.6 $997.7
Other Taxes
Personal Income Tax $14,307.5 $16,484.6 $2,177.1
Realty Transfer Tax $617.2 $771.1 $153.9
Inheritance Tax $1,269.0 $1,428.8 $159.8
Gaming $261.1 $288.2 $27.1
Minor and Repealed −$75.5 −$66.3 $9.2
Subtotal - Other Taxes $16,379.3 $18,906.5 $2,527.2
 
Non-Tax Revenue $4,494.7 $4,607.6 $112.9
General Fund Total $39,005.4 $43,889.7 $4,884.3

 

 

 

General Fund Revenue Report - May 2022

By Eric Dice , Assistant Executive Director | 27 days ago

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