Fiscal year-to-date General Fund collections total $25.3 billion, which is $221.7 million, or 0.9 percent, above estimate.
The Independent Fiscal Office also reported Monday March revenues were $121 million or 2.7 percent below its revenue estimates and for the Fiscal Year General Fund revenues are $498 million or 2 percent above the IFO’s updated official estimate.
A House Republican Appropriations Committee March Economic Brief released Monday agreed with the Department of Revenue’s numbers.
Revenue Department
March corporation tax revenue was $2.2 billion, $121.4 million below estimate. Year-to-date corporation tax collections total $3.7 billion, which is $151.9 million, or 3.9 percent, below estimate.
Corporate net income tax (CNIT) for the month was $135 million below estimate. The department expects that part of this shortfall could be made up in May when annual CNIT payments are due.
For the other corporation taxes, gross receipts tax was $80.2 million below estimate. Financial institutions taxes — which includes bank shares and mutual thrift institutions taxes — and insurance premiums tax were $95.2 million above estimate.
Sales tax receipts totaled $787.1 million for March, $9 million below estimate. Year-to-date sales tax collections total $7.6 billion, which is $13.4 million, or 0.2 percent, less than anticipated.
Personal income tax (PIT) revenue in March was $1.1 billion, $23.1 million below estimate. This brings year-to-date PIT collections to $9.3 billion, which is $115.1 million, or 1.3 percent, above estimate.
Inheritance tax revenue for the month was $89.5 million, $14.7 million below estimate, bringing the year-to-date total to $718.7 million, which is $16.9 million, or 2.3 percent, below estimate.
Realty transfer tax revenue was $40.3 million for March, $5.7 million above estimate, bringing the fiscal-year total to $374.8 million, which is $4.2 million, or 1.1 percent, more than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $70.2 million for the month, $14.2 million below estimate. That brings the year-to-date total to $1.3 billion, which is $18.3 million, or 1.4 percent, below estimate.
Non-tax revenue, which includes gaming fees, is $97.4 million below estimate for the month. The revenue estimate included $70 million from iGaming license fees, which are now expected to be received in fiscal year 2018-19.
In addition, a winter storm required the auction of a Category 4 license to be rescheduled for April 4, 2018. Collections through February from the Category 4 licenses were $84.5 million above estimate.
In addition to the General Fund collections, the Motor License Fund received $191.1 million for the month, $41.6 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 $2.1 billion, which is $11.7 million, or 0.5 percent, above estimate.
