State Revenues Reported for March 2023

The Independent Fiscal Office and state Department of Revenue have released the March 2023 revenue reports. The state collected $6.2 billion in March, the ninth month of the fiscal year, 8.7% above IFO’s official estimate. Fiscal year-to-date general fund collections total $32.3 billion, or 6.9% above IFO’s estimate. Corporate net income, sales and use tax, and personal income taxes were all above IFO’s estimates. 

The Motor License Fund received $244.2 million in March, $16.8 million above estimates. Fiscal year-to-date revenues are 3.4% above estimates. The fund includes liquid fuels taxes and other license, fine, and fee revenues. Click here for the IFO report and here for Revenue’s press release.