July collection data does not include a comparison against anticipated amounts because revenue estimates for each month are not yet finalized, according to the Department of Revenue.
The Independent Fiscal Office posted its monthly trends report Wednesday which said according to their revenue estimates, General Fund collections were $12 million-- 0.5 percent above estimates in July.
The IFO said revenue differences were primarily due to higher than anticipated motor vehicle sales and use tax ($17 million) , non-motor sales tax ($7 million) and revenue from the insurance premiums tax ($20 million. The higher revenue was offset by lower than anticipated escheats collections (-$22 million).
The Department of Revenue went on to report--
-- Sales tax receipts totaled $1 billion in July.
-- Personal income tax (PIT) revenue in July was $858.2 million.
-- Corporation tax revenue was $99.5 million for July.
-- General Fund revenue figures for July included $85.1 million in inheritance tax and $32.7 million in realty transfer tax.
-- Other General Fund revenue, including cigarette, malt beverage, liquor and gaming taxes totaled $120.2 million for the month.
-- Non-tax revenue totaled $31.2 million for the month.
-- In addition to the General Fund collections, the Motor License Fund received $231.6 million for the month, which includes the commonly known gas and diesel taxes, as well as other license, fine and fee revenues.
