January revenues come in above estimates

Hannah News Service 

According to preliminary data released Feb. 6 by the Office of Budget and Management (OBM), total General Revenue Fund (GRF) tax receipts came in $172.5 million, or 6.6%, above estimates in January. 

Non-auto sales tax collections came in $79.3 million, or 7.1%, above the monthly estimate, while auto sales tax collections were $11.4 million, or 7.7%, above the monthly estimate. 

Personal income tax collections were $37.9 million, or 3.3% below the estimate for the month. 

The Commercial Activity Tax (CAT) came in $76.8 million, or 150% above the estimate for the month. 

“State tax revenues were strong in January, and year-to-date receipts provide a solid foundation as we enter the second half of FY25 while also planning for the upcoming biennium,” said OBM Director Kimberly Murnieks in a statement released with the revenue numbers. 

So far this fiscal year, the non-auto sales and use tax has come in nearly $547.2 million or 8.3% above estimates. The auto sales and use tax is about $11.6 million, or 1% over estimates. 

Personal income tax revenues are nearly $293.9 million, or 5% over estimates through the fiscal year. CAT is $103.7 million, or 8.7% over estimates. 

So far for this fiscal year, total tax revenues are nearly $525.3 million or 3.2% over estimates. A total of $16.9 billion has been collected thus far.