State tax receipts are, no surprise, ahead of last year and ahead of projections. The state says October Tax Receipts were over $740 million, 11% above estimates and nearly 12% above October 2021 revenues. It’s the 27th straight month for collections to come in above estimates.
Individual income tax numbers hit almost $358 million, over 17% above estimates and nearly 19% above last October. Retail Sales Tax Collections beat estimates by 9% and October 2021 by nearly 11%. Corporate Income Tax Collections, nearly $33 million for the month, were down less than 2% from projections but were nearly 20 percent% below October 2021. Compensating Use Tax Collections missed estimates by nearly 3% but were almost 4% above October 2021. The Consensus Revenue Estimating Group is meeting November 9 to review tax estimates, possibly revising the fiscal 2023 projection, and issuing the initial Forecast for Fiscal 2024 beginning July 1.
