Wed. Feb 28th, 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.
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.
*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.