State Collections Slightly Above Estimates for April

The Independent Fiscal Office and state Department of Revenue have released the revenue reports for April. The state collected $5.69 billion in general fund revenues for April, 0.8% above the IFO’s official estimate, driven by strong inheritance tax collections that were partially offset by weakness in personal income tax collections.  

Inheritance tax collections were 70% above estimates. Personal income tax collections were below estimates by 3.1% due to lower than expected annual and quarterly payments.  

Fiscal year-to-date revenues now are just above the IFO’s expectations by 0.9%.     

The Motor License Fund received $270 million in April, $22.4 million below estimate, which includes liquid fuels taxes and other license, fine, and fee revenues. Year to date, the Motor License Fund is at $2.5 billion, 0.3% above estimate. Click here for the IFO report and here for Revenue’s press release.