The state’s March revenue total was better than it was a year ago, but not quite up to projections.
Total tax collections were $523.4 million, beating the fiscal March 2019 total by $1.4 million — but falling $8.6 million short of forecasts offered by the state’s Consensus Revenue Estimating Group.
The main concern came in corporate income tax collections, which were off estimates by $8.6 million. Individual income taxes were $4.3 million more than projections, while retail sales were ahead of projections by $3.4 million and so-called compensating use taxes were $2.7 million more than expected.
Monthly revenues have been strong for at least a year, but state officials are concerned coronavirus could cause retail sales tax and compensating use tax numbers to “experience a major decline” later this year.
