Year-to-date, Personal Income Tax (PIT) collections are $5.9 billion, $80.1 million (1.4%) above estimate.  PIT receipts in October overperformed estimate by $26.5 million (1.9%) for a total of $1.4 billion. The period’s overperformance was led by withholding collections which were above the estimate of $24.2 million (2.2%) with year-to-date withholding collections at $4.7 billion or $70.5 million (1.5%) above estimate. Inheritance Tax revenue was $165.7 million, $8.8 million (5.6%) higher than expected for October. Inheritance Tax collections are $714.3 million year-to-date, which is $44.2 million (6.6%) ahead of estimate. Lastly, Nontax revenue[1] collections for October were $608.8 million, $7.2 million (1.2%) above estimate. Year-to-date, Nontax revenue is $688.3 million, which is below the estimate by $40.5 million (-5.6%). 

Sales and Use Tax (SUT) outperformed October’s estimate. SUT collections totaled $1.4 billion for the month, exceeding projections by $37.3 million (2.7%) and year-to-date SUT collections are $5.5 billion, ahead of the revenue estimate by $79.7 million (1.5%). 

Additionally, Corporate Net Income Tax (CNIT) collections overperformed estimates for the month and continued to outperform year-to-date. October CNIT receipts were $208.8 billion, which was $54.4 million (35.2%) above expectations. The year-to-date CNIT revenue outperformed estimates by $517.5 million, with collections totaling $1.6 billion (46.5%).