Sales tax receipts totaled $1.3 billion for January, $89.0 million above estimate. Year-to-date sales tax collections total $8.5 billion, which is $27.2 million, or 0.3 percent, less than anticipated. Non-Motor Vehicle Sales & Use Tax (NMV) receipts grew by 6 percent in January compared to the prior year. The primary driver for this growth was strong December sales, with those Sales and Use Tax receipts being paid in January.
Personal income tax (PIT) revenue in January was $1.9 billion, $183.3 million below estimate. This brings year-to-date PIT collections to $9.4 billion, which is $306.0 million, or 3.2 percent, below estimate. Personal Income Tax Quarterly (PITQ) payments were $180 million under estimate in January. This continues the weak performance in PITQ payments seen over tax year 2023. It is unclear why these payments have been this weak, as the Bureau of Economic Analysis shows positive non-wage income growth in 2023.
January corporation tax revenue of $280.3 million was $48.2 million above estimate. Year-to-date corporation tax collections total $3.0 billion, which is $131.7 million, or 4.6 percent, above estimate.
Inheritance tax revenue for the month was $105.0 million, $13.4 million below estimate, bringing the year-to-date total to $874.7 million, which is $48.7 million, or 5.9 percent, above estimate.
Realty transfer tax revenue was $47.4 million for January, $5.0 million above estimate, bringing the fiscal-year total to $300.9 million, which is $9.4 million, or 3.0 percent, less than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $118.7 million for the month, $7.2 million below estimate and bringing the year-to-date total to $984.4 million, which is $47.2 million, or 4.6 percent, below estimate.
Non-tax revenue totaled $185.6 million for the month, $136.2 million above estimate, bringing the year-to-date total to $739.3 million, which is $216.0 million, or 41.3 percent, above estimate. The strength in Non-tax receipts was due to multiple components but is primarily due to Treasury receipts. In January, there were two large Treasury deposits – the normal monthly deposit and then a second related to Tobacco Master Settlement securities.
In addition to the General Fund collections, the Motor License Fund received $245.4 million for the month, $5.6 million above estimate. Fiscal year-to-date collections for the fund – which include the commonly known gas and diesel taxes, as well as other license, fine and fee revenues – total $1.8 billion, which is $11.0 million, or 0.6 percent, above estimate.
# # #