State Collections Above Estimates for November 

The Independent Fiscal Office and State Department of Revenue have released the revenue reports for November. The state collected $3.06 billion in General Fund revenues for November, 2.6% above the IFO’s official estimate. Corporate net income tax revenues were 59.5% higher than estimated, while personal income tax collections were 3.3% below estimate. Sales and use tax collections were 0.6% above estimates. Fiscal year-to-date revenues exceed the IFO’s expectations by 0.6% 

The Motor License Fund received $273.6 million in November, $5.8 million below estimate, which includes liquid fuels taxes and other license, fine, and fee revenues. Year to date, the Motor License Fund is at $1.3 billion, 0.7% below estimate. Click here for the IFO report and here for Revenue’s press release.