April tax collections slightly exceed forecasts

Hannah News contributed to this article 

Tax revenues came in slightly less than 1% over forecasts in April as a $102 million miss on income tax collections was offset by over-estimate collections for the sales tax and Commercial Activity Tax (CAT), according to preliminary data from the Office of Budget and Management. 

Total collections of $2.6 billion were about $20 million or 0.8% over estimates. For the fiscal year so far, collections of $23.5 billion are about $550 million or 2.4% ahead of estimates. 

The income tax brought in about $1.1 billion, versus expectations of $1.2 billion, an 8.5% miss. 

The sales tax brought in $80.2 million or 6.5% more than expected, with about two-thirds of that overage from the non-auto sales tax. 

The CAT brought in $71.2 million, about double expectations of $34.6 million. 

Among the three major tax sources, income taxes are up the most for the fiscal year, bringing in $253.4 million or 3.2% more than expected. 

April tax collections were $161.8 million or 6.6% ahead of collections for the same month in 2024. Compared to this point in FY24, tax collections are up $787.7 million or 3.5%.