FY24 surplus nears quarter billion

Provided by Hannah News Service 

The state collected about $26.1 million or 1% more in taxes during November than expected, according to preliminary figures from the Office of Budget and Management (OBM). 

Overperformance in the income tax offset small misses on sales taxes and the Commercial Activity Tax. 

The income tax generated more than $800 million, nearly $60 million or 8.1% ahead of the forecasted $741 million. 

Sales taxes in total were off 0.6% or $6.4 million, reaching $1.14 billion. The non-auto sales tax was nearly on target, coming in just $1.3 million or 0.1% short, while the auto sales tax missed forecasts by $5 million or 3.2%. 

The Commercial Activity Tax generated $484 million, $5.3 million or 1.1% below projections. 

Total tax collections for November reached $2.53 billion, compared to expectations of $2.51 billion. 

Five months into FY24, total tax collections of nearly $12 billion are about $245 million or 2.1% above forecasts. 

The income tax makes up the majority of that surplus, coming in almost $165 million or 4% ahead of forecasts. 

Sales taxes are up more than $45 million or 0.8% so far this fiscal year, while the Commercial Activity Tax is up more than $61 million or 5.3%. 

Compared to this point in FY23, the state has collected 3.1% or nearly $366 million more in taxes.