Tax revenues on target for September

Better than expected collections in non-auto sales tax offset small dips in other sources to yield tax collections slightly above expectations in September, according to preliminary data from the Office of Budget and Management. 

Tax receipts were $5.2 million or 0.2% above expectations, reaching $2.3 billion for the month. 

Sales taxes were up overall by 2.1% or $22.3 million, with non-auto sales taxes up 3.8% or $43.2 million vs. forecasts but auto sales taxes down 7% or $11.8 million. Monthly sales tax collection reached $1.1 billion. 

The personal income tax missed expectations by 0.4% or $4.2 million, bringing in $1.07 billion. 

The Commercial Activity Tax yielded $21.1 million, $2.2 million or 9.5% below forecasts. 

One quarter into FY24, tax revenues have reached $7.03 billion, almost $60 million or 0.8% more than expected. Sales taxes, up $61.3 million or 1.8%, and the Commercial Activity Tax, up $50.3 million or 9.2%, are driving the over-estimate performance, offset by a 1.1% or $28.6 million miss in income taxes and under-estimate performance in smaller tax sources. 

The state has collected nearly $190 million or 2.8% more in taxes than it had at this point in FY23.