SHARE:
Tax Collections Beat Forecast in March
State general-revenue collections topped projections by $167.7 million in March, with corporate-income taxes and sales taxes leading the way, according to a report released Friday by the Legislature’s Office of Economic & Demographic Research.
General revenue totaled nearly $3.69 billion during the month. General revenue is closely watched as it plays a key role in funding programs such as education, health care and prisons.
Economists periodically update general-revenue estimates during the year, with the latest estimates issued March 13. Friday’s report showed that many types of taxes topped those estimates.
For example, corporate-income taxes were $50 million above estimate and sales taxes were $49 million above estimate.
The report was issued hours after lawmakers approved a $117 billion budget for the fiscal year that will start July 1.
That budget was aided by higher-than-expected revenues over the past year.
