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Mon. Jun 17th, 2024

 

Net General Revenue Declines For November Despite Collections Showing Overall Increase YTD

All News RSS Feed Business Politics State News Top Stories Wednesday, December 6th, 2023

Net general revenue collections were down, statewide, for the month of November compared to one year ago.

State Budget Director Dan Haug says collections for November were down 1.2 percent from $1.01-billion last year to $1.0-billion this year.

Haug also says net general revenue collections for Fiscal-2024 year-to-date were also down from $5.15-billion last year to $5.04-billion this year…or a 2.2-percent decrease.

Individual income tax collections decreased while sales and use taxes, corporate income and corporate franchise taxes and refunds all showed increases.

All other collections showed an overall increase for the year while showing a decrease for the month.

 

***Full report:

State Budget Director Dan Haug announced today that net general revenue collections for November 2023 declined 1.2 percent compared to those for November 2022, from $1.01 billion last year to $1.00 billion this year.

Net general revenue collections for 2024 fiscal year-to-date decreased 2.2 percent compared to November 2022, from $5.15 billion last year to $5.04 billion this year.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

  • Decreased 8.2 percent for the year, from $3.66 billion last year to $3.36 billion this year.
  • Decreased 4.3 percent for the month.

Sales and use tax collections

  • Increased 12.8 percent for the year, from $1.26 billion last year to $1.42 billion this year.
  • Increased 5.9 percent for the month. 

Corporate income and corporate franchise tax collections

  • Increased 5.0 percent for the year, from $315.4 million last year to $331.3 million this year.
  • Increased 70.9 percent for the month.

All other collections

  • Increased 14.0 percent for the year, from $287.9 million last year to $328.4 million this year.
  • Decreased 3.6 percent for the month.

Refunds

  • Increased 8.0 percent for the year, from $363.6 million last year to $392.6 million this year.
  • Increased 1.5 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.

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All News RSS Feed Business Politics State News Top Stories Wednesday, December 6th, 2023

Reporter Mike Anthony