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Tue. Jun 25th, 2024

 

Net General Revenue Up For January But Collections Down Overall

All News RSS Feed Business Politics Top Stories Friday, February 9th, 2024

Net general revenue collections for the state in January-2024 were up while collections for year-to-date fiscal-2024 were slightly down.

That’s according to State Budget Director Dan Haug who says collections were up by 6.3% in January while overall collections year-to-date were down by 0.2%.

Individual income tax collections, sales and use tax, refunds and other collections were all up for the month while corporate income and franchise tax collections were down.

For the year, all but individual income tax collections showed increases.

 

Full Report:

State Budget Director Dan Haug announced today that net general revenue collections for January 2024 grew 6.3 percent compared to those for January 2023, from $1.37 billion last year to $1.45 billion this year.

Net general revenue collections for 2024 fiscal year-to-date decreased 0.2 percent compared to January 2023, from $7.61 billion last year to $7.59 billion this year.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

  • Decreased 17.6 percent for the year, from $5.34 billion last year to $4.40 billion this year.
  • Increased 4.0 percent for the month.

Pass Through Entity tax collections

  • Increased from $0 to $688.5 million this year.

Sales and use tax collections

  • Increased 11.2 percent for the year, from $1.77 billion last year to $1.97 billion this year.
  • Increased 14.8 percent for the month. 

Corporate income and corporate franchise tax collections

  • Increased 0.6 percent for the year, from $549.2 million last year to $552.5 million this year.
  • Decreased 12.5 percent for the month.

All other collections

  • Increased 29.6 percent for the year, from $386.4 million last year to $501.0 million this year.
  • Increased 38.3 percent for the month.

Refunds*

  • Increased 18.2 percent for the year, from $442.4 million last year to $522.9 million this year.
  • Increased 198.2 percent for the month.

*Reported refunds are artificially high due to a processing error.  This will be corrected on the February report.

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 Business Politics Top Stories Friday, February 9th, 2024

Reporter Mike Anthony