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March tax collections slightly beat forecasts

Written on Apr 14, 2023

 Provided by Hannah News Service 

State tax revenues came in $30.6 million ahead of forecasts for March, mostly on the strength of income tax collections, according to preliminary figures from the Office of Budget and Management (OBM). 

Total tax receipts reached $1.89 billion last month, or 1.6% more than expected. 

The personal income tax brought in $32.2 million or 5.1% more than forecast, reaching $668.2 million. 

Overperformance of 1.7 percent or $14.3 million in the non-auto sales tax was canceled out by a $17.7 million or 9.6% underperformance in the auto sales tax, leaving total sales tax collections of roughly $1 billion in March below estimates by $3.3 million or 0.3%. 

The Commercial Activity Tax was below estimates by 6% or $1.2 million. 

The latest figures put fiscal year-to-date tax collections more than $800 million above estimates, reaching $20.6 billion versus expectations of $19.8 billion. Personal income taxes constitute the bulk of that overage, with collections exceeding estimates by more than $465 million. 

March tax collections were slightly ahead of figures from the same month a year ago, coming in 0.5% or $9.1 million higher. Compared to this point in the prior fiscal year, the state has collected more than $1 billion in additional revenue. 

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