Revenue Department Releases August 2019 Collections

Since the start of the 2019-20 fiscal year, overall tax revenue is $3.5 million, or 0.1 percent, less than was collected in the same period of the last fiscal year.

Sales tax receipts totaled $967.9 million for August, $33.1 million above estimate. Year-to-date sales tax collections total $1.9 billion, which is $33.1 million, or 1.8 percent, more than anticipated.

Personal income tax (PIT) revenue in August was $824 million, $18.5 million above estimate. This brings year-to-date PIT collections to $1.8 billion, which is $18.6 million, or 1 percent, above estimate.

August corporation tax revenue of $69 million was $8.5 million below estimate. Year-to-date corporation tax collections total $185.9 million, which is $7.4 million, or 3.8 percent, below estimate.

Inheritance tax revenue for the month was $97 million, $3.7 million above estimate, bringing the year-to-date total to $195.5 million, which is $3.7 million, or 2 percent, above estimate.

Realty transfer tax revenue was $53.9 million for August, $6 million below estimate, bringing the fiscal-year total to $74.9 million, which is $6.1 million, or 7.5 percent, less than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $163.2 million for the month, $0.5 million above estimate and bringing the year-to-date total to $273.7 million, which is $0.6 million, or 0.2 percent, above estimate.

Non-tax revenue totaled $17.9 million for the month, $19.9 million above estimate, bringing the year-to-date total to $51.9 million, which is $19.9 million, or 62.1 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $229.6 million for the month, $32.8 million below 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 $452.6 million, which is $32.9 million, or 6.8 percent, below estimate.