Hannah News Service
Major tax sources each netted tens of millions of dollars over estimates in November to bring the fiscal year overage to-date close to half a billion dollars, according to preliminary figures from the Office of Budget and Management.
Overall tax collections reached $2.48 billion, exceeding estimates by $128.6 million or 5.5%.
Income taxes contributed the most to that performance, reaching $771.2 million, 6.9% or $50 million ahead of expectations. For FY23 so far, income taxes are up by 6.6% or $262.5 million.
Sales taxes netted $42 million or 3.8% more than expected. Non-auto sales taxes generated $45.9 million or 4.9% more than estimated, far offsetting a miss in auto sales taxes, which lagged by 2.5% or $3.9 million. Sales taxes are up $132.9 million or 2.4% so far this fiscal year.
The Commercial Activity Tax brought in $28.5 million or 7% more than expected in November. For the fiscal year to-date, the CAT is ahead by $46.9 million or 4.7%.
Tax collections for the first five months of FY23 total $11.62 billion, compared to expectations of $11.14 billion, putting tax revenues ahead of forecasts by $478.5 million or 4.3%.
November 2022 tax collections exceeded figures from a year earlier by $212.6 million or 9.3%. Compared to this point in the prior fiscal year, taxes have brought in nearly $700 million or 6.4% more revenue.