March 28, 2024

Florida gets boost in tax revenues in December

Florida in December recorded its best monthly general-revenue collections since the start of the coronavirus pandemic.

The Legislature’s Office of Economic & Demographic Research estimated revenue for December at $336.7 million over a forecast revised in August.

What’s more, the $2.999.4 billion in overall revenue was $154.4 million higher than what had been forecast before the pandemic hit.

“The December results were above the pre-pandemic estimates for the month by the largest margin seen since the pandemic began,” the revenue report released Tuesday said.

Sales tax numbers were up $178.3 million over the revised August forecast. However, revenue from tourism and hospitality-related industries continue to lag, down 25.5 percent from December 2019.

“Even though a significant part of the loss arises from a reduction in the number of out-of-state tourists, this category also includes sales to Florida residents at restaurants, local attractions and other leisure-based activities which have likewise been negatively affected by the pandemic,” the report said.

The latest estimates could provide a boost to Gov. Ron DeSantis and state lawmakers as they face an estimated $2.75 billion shortfall in preparing to put together a budget for the 2021-2022 fiscal year, which starts July 1.

Tags: News Service of Florida

Florida Business News

Florida News Releases

Florida Trend Video Pick

Bitter-to-swallow cocoa costs force chocolate shops to raise prices
Bitter-to-swallow cocoa costs force chocolate shops to raise prices

Central Floirda chocolate shops are left with a bitter taste as cocoa prices hit an all-time high earlier this week.

Video Picks | Viewpoints@FloridaTrend

Ballot Box

Should Congress ban the popular social media app TikTok in the U.S.?

  • Yes
  • No
  • Need more details
  • What is TikTok?
  • Other (Comment below)

See Results

Florida Trend Media Company
490 1st Ave S
St Petersburg, FL 33701
727.821.5800

© Copyright 2024 Trend Magazines Inc. All rights reserved.