It’s another mixed bag of numbers for the latest general revenue report released by State Budget Director Dan Haug.

According to the numbers, net general revenue collections for October 2023 declined by zero-point-seven percent compared to October 2022…from $904.4 million to $898.3 million this year.

At the same time, net general revenue collections for 2024 fiscal year-to-date decreased 2.4 percent compared to 2022 from $4.14 billion to $4.04 billion this year.

Gross collections by tax type saw increases for sales and use tax, corporate income and corporate franchise tax, refunds and all other collections with the exception of individual income tax which did see about a 10-percent decrease.

*****Full Report…..

State Budget Director Dan Haug announced today that net general revenue collections for October 2023 declined 0.7 percent compared to those for October 2022, from $904.4 million last year to $898.3 million this year.

Net general revenue collections for 2024 fiscal year-to-date decreased 2.4 percent compared to October 2022, from $4.14 billion last year to $4.04 billion this year.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

• Decreased 9.2 percent for the year, from $2.90 billion last year to $2.64 billion this year.
• Decreased 10.5 percent for the month.

Sales and use tax collections

• Increased 14.5 percent for the year, from $999.4 million last year to $1.14 billion this year.
• Increased 11.7 percent for the month. 

Corporate income and corporate franchise tax collections

• Increased 2.6 percent for the year, from $303.9 million last year to $311.7 million this year.
• Increased 69.6 percent for the month.

All other collections

• Increased 19.3 percent for the year, from $221.7 million last year to $264.6 million this year.
• Increased 48.5 percent for the month.

Refunds

• Increased 9.7 percent for the year, from $285.9 million last year to $313.7 million this year.
• Increased 2.6 percent for the month.

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

###

• October FY23 GR.xlsx