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General Revenue Collections Grow For February

All News RSS Feed Front Page News State News Friday, March 8th, 2024

Net general revenue collections across the state grew by 18% in February to $830.3 million compared to $703.5 million in February of 2023.

That’s according to figures released by State Budget Director Dan Haug who also reports that net general revenue for the year stands at $8.42 billion…or 1.3% ahead of last year at the same time.

Sales and use tax collections, corporate income and corporate franchise tax collections and all other collections showed increases while individual income tax collections and refunds showed a mixed bag of increases and decreases compared to the month and year-to-date.

 

Full Report:

State Budget Director Dan Haug announced today that net general revenue collections for February 2024 grew 18.0 percent compared to those for February 2023, from $703.5 million last year to $830.3 million this year.

Net general revenue collections for 2024 fiscal year-to-date increased 1.3 percent compared to February 2023, from $8.31 billion last year to $8.42 billion this year.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

  • Decreased 9.4 percent for the year, from $6.07 billion last year to $5.50 billion this year.
  • Increased 51.8 percent for the month.

Pass Through Entity tax collections

  • Increased from $0 to $382.7 million this year.

Sales and use tax collections

  • Increased 11.3 percent for the year, from $1.98 billion last year to $2.21 billion this year.
  • Increased 12.5 percent for the month. 

Corporate income and corporate franchise tax collections

  • Increased 2.2 percent for the year, from $563.7 million last year to $575.9 million this year.
  • Increased 61.2 percent for the month.

All other collections

  • Increased 31.4 percent for the year, from $426.4 million last year to $560.4 million this year.
  • Increased 48.6 percent for the month.

Refunds*

  • Increased 10.5 percent for the year, from $731.0 million last year to $807.8 million this year.
  • Decreased 1.3 percent for the month.

*Reported refunds are artificially low due to a processing error that occurred in January and corrected in February.  

Pass-Through Entity tax collections were previously reported within Individual Income, which makes growth in Individual Income tax collections appear artificially low.

The figures included in the monthly general revenue report represent a snapshot in time and can vary widely based on a multitude of factors.

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All News RSS Feed Front Page News State News Friday, March 8th, 2024

Reporter Mike Anthony