The Office of Budget and Management (OBM) released July 2023 preliminary revenue data Monday. For this first month of FY24, total General Revenue Fund tax receipts finished $13.2 million (0.6%) above estimate.
The two components of the sales tax, the non-auto and the auto, balanced each other out, with the non-auto sales tax collections coming in $26.1 million or 2.6% above the July estimate. However, the auto sales tax collections were -$26.1 million or 15.2% below estimate. Compared to FY23, the two sales tax categories this year brought in nearly $53.8 million more, for a total of nearly $1.2 billion for the month.
Personal income tax (PIT) collections almost solely accounted for the month’s excess revenue, bringing in $11.6 million or 1.6% above the anticipated level. Compared to this time last year, the FY24 PIT has brought in nearly $17.5 million more for a total of $741.7 million.
The Commercial Activity Tax exceeded estimates by $15.3 million or 15.2%. It brought in a total of nearly $115.9 million for the month.
Other taxes that did not meet expectations were the cigarette and other tobacco tax, which fell $5 million below estimates, and the alcoholic beverage tax, which came in $894,000 below estimates, while the liquor gallonage tax was $88,000 below.
Revenue totals for July 2023 were $60.6 million or 3% higher than in July 2022.