Revenue Department Releases Fiscal Year 2023-2024 Collections

Below is an overview of June revenue collections and final collections for the fiscal year:

Sales tax receipts totaled $1.2 billion for June, $43.6 million above estimate. Fiscal year-to-date sales tax collections total $14.3 billion, which is $243.3 million, or 1.7 percent, more than anticipated. The overage in sales & use tax (SUT) receipts this month is due to two reasons - May activity was significantly stronger than originally forecast, and there was a larger than expected effect from 2024 filing frequency. More SUT is being paid as monthly payments as opposed to quarterly.

Personal income tax (PIT) revenue in June was $1.5 billion, $12.0 million above estimate. This brings fiscal-year total PIT collections to $17.9 billion, which is $134.9 million, or 0.7 percent, below estimate.

June corporation tax revenue of $469.5 million was $54.1 million below estimate. Fiscal year-to-date corporation tax collections total $8.0 billion, which is $180.2 million, or 2.3 percent, above estimate. The shortfall in corporation taxes for June is primarily due to corporate net income tax (CNIT) payments. June is the due date for the 2nd quarterly payment for tax year filers, and these tax year 2024 payments were weaker than expected.

Inheritance tax revenue for the month was $120.7 million, $0.6 million above estimate, bringing the fiscal-year total to $1.6 billion, which is $156.1 million, or 10.5 percent, above estimate.

Realty transfer tax revenue was $51.9 million for June, $3.0 million above estimate, bringing the fiscal-year total to $530.8 million, which is $20.2 million, or 3.9 percent, more than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $159.3 million for the month, $18.6 million below estimate, and brought the fiscal-year total to $1.6 billion, which is $92.7 million, or 5.6 percent, below estimate.

Non-tax revenue totaled $75.2 million for the month, $50.7 million above estimate, bringing the year-to-date total to $1.6 billion, which is $490.8 million, or 43.9 percent, above estimate. As has occurred for much of the fiscal year, Treasury receipts exceeded estimate by $51 million in June.

In addition to the General Fund collections, the Motor License Fund received $308.9 million for the month, $37.1 million above estimate. Fiscal year-to-date collections for the fund - which include the commonly known gas and diesel taxes, as well as other license, fine and fee revenues - total $3.2 billion, which is $43.1 million, or 1.4 percent, above estimate.