Fiscal year-to-date General Fund collections total $31.5 billion, which is $121.5 million, or 0.4 percent, above estimate.
The total tax collections for the month exceeded estimate by $20.9 million, or 0.9 percent. Those collections were the result of stronger-than-anticipated monthly revenues in minor and repealed, inheritance, personal income, and sales and use taxes.
Sales tax receipts totaled $877.4 million for May, $7 million above estimate. Year-to-date sales tax collections total $9.4 billion, which is $28.6 million, or 0.3 percent, more than anticipated.
Personal income tax (PIT) revenue in May was $951.6 million, $7.5 million above estimate. This brings year-to-date PIT collections to $12.3 billion, which is $131.5 million, or 1.1 percent, above estimate.
May corporation tax revenue of $277.2 million was $27 million below estimate. Year-to-date corporation tax collections total $4.3 billion, which is $170.6 million, or 3.8 percent, below estimate.
Inheritance tax revenue for the month was $108.7 million, $15.6 million above estimate, bringing the year-to-date total to $927.6 million, which is $12.6 million, or 1.4 percent, above estimate.
Realty transfer tax revenue was $52 million for May, $2.7 million above estimate, bringing the fiscal-year total to $468.5 million, which is $11 million, or 2.4 percent, more than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $176.7 million for the month, $15.2 million above estimate and bringing the year-to-date total to $1.6 billion, which is $39.9 million, or 2.5 percent, below estimate.
Non-tax revenue totaled $12.4 million for the month, $63.5 million below estimate, bringing the year-to-date total to $2.5 billion, which is $148.4 million, or 6.4 percent, above estimate.
In addition to the General Fund collections, the Motor License Fund received $254.2 million for the month, $19.9 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 $2.7 billion, which is $48.4 million, or 1.8 percent, above estimate.
