Fiscal year-to-date General Fund collections total $31.8 billion, which is $813.3 million, or 2.6 percent, above estimate.
Since the start of the 2018-19 fiscal year, overall tax revenue is $2 billion, or 6.8 percent, more than was collected in the same period of the last fiscal year.
Interestingly, the Independent Fiscal Office reported May revenues exceeded its estimate by $17.4 million and are $907.8 million (2.9 percent) above their fiscal year-to-date estimate.
Department of Revenue
Sales tax receipts totaled $944.8 million for May, $46.7 million above estimate. Year-to-date sales tax collections total $10.1 billion, which is $320.6 million, or 3.3 percent, more than anticipated.
Personal income tax (PIT) revenue in May was $966 million, $42.2 million below estimate. This brings year-to-date PIT collections to $12.9 billion, which is $82.8 million, or 0.6 percent, below estimate.
May corporation tax revenue of $344.7 million was $47.3 million above estimate. Year-to-date corporation tax collections total $4.9 billion, which is $590.6 million, or 13.6 percent, above estimate.
Inheritance tax revenue for the month was $101.9 million, $2.8 million below estimate, bringing the year-to-date total to $957.2 million, which is $27 million, or 2.7 percent, below estimate.
Realty transfer tax revenue was $46.9 million for May, $7 million below estimate, bringing the fiscal-year total to $480.3 million, which is $28.2 million, or 5.6 percent, less than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $178.2 million for the month, $2.5 million below estimate and bringing the year-to-date total to $1.6 billion, which is $1.6 million, or 0.1 percent, below estimate.
Non-tax revenue totaled $33.9 million for the month, $54.3 million below estimate, bringing the year-to-date total to $802.6 million, which is $41.7 million, or 5.5 percent, above estimate.
In addition to the General Fund collections, the Motor License Fund received $296.3 million for the month, $7.9 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 $2.6 billion, which is $47.9 million, or 1.8 percent, below estimate.
