FY23 surplus nears half billion after strong November tax collections

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.