Available and gross revenues are exceeding 2019 fiscal year levels and forecast levels for FY 2020 to date, the state Department of Finance and Administration reports.
Here’s the breakdown: Net available revenues for the first seven months of FY 2020 are $3.5 billion, 4.4 percent ($149.7 million) above year-ago levels. Net available revenues are 2.7 percent higher than forecast. Gross revenues are up 3.7 percent ($143 million) over 2019 and 2 percent over forecast.
Individual income tax collections ($1.9 billion) are 5.3 percent above FY 2019, but just about at forecast for 2020, at .2 percent higher. Tax refunds are lower by -1.6 percent.
Sales and use taxes to date ($1.5 billion) are 4 percent higher ($57.9 million) than FY 2019 to date, and 1 percent higher than forecast. Corporate income taxes (
$2.7 billion $270 million) are up $2.5 million over last year, and 21.5 percent ($47.9 million) above forecast. Corporate tax refunds ($29 million) are down $14.7 million from last year. The January 2020 General Revenue Report also includes numbers for the month of January alone.