(Source: MIRS.news, Published 07/13/23) Total collections on the state’s major taxes during the month of June came out to $2.974 billion – down $93.6 million from June of 2022.
Year to date, tax collections were off from a year ago by 7.8%, or $1.74 billion.
Net income tax revenue reached $1.281 billion in June 2023, and for FY 2022-23, collections through June were $2 billion less than for the same period a year ago. Year to date gross income tax collections in FY 2022-23 were $1.434 billion lower than one year ago, due to quarterly and annual payments and lower collections from the new flow through entity (FTE) tax.
Business taxes are up $184.9 million through June 2023 over the same period one year ago.
Other revenue notes include:
-Consumption taxes including sales, use, beer, wine, liquor and tobacco totaled $1.184.2 billion in June 2023, and collectively were $55.3 million higher than in FY 2021-22 on a year-to-date basis.
-Revenue from online gaming hit $26.4 million in June 2023, and collections through June were $30.4 million higher than the same period during FY 2021-22.
-Year to date collections on the sale of recreational marijuana were $51.1 million higher than one year ago.
GF/GP revenue was estimated to be $1.547.2 billion in June, about $116.8 million over projections established at the May Consensus Revenue Estimating Conference (CREC). School Aid Fund revenue was estimated at $1.271 billion in June 2023, about $35.1 million below the CREC May estimates.
