State tax receipts are, no surprise, ahead of last year and ahead of projections.
The state says October tax receipts were over $740 million, 11 percent above estimates and nearly 12 percent above October 2021 revenues. It’s the 27th straight month for collections to come in above estimates.
Individual income tax numbers hit almost $358 million, over 17 percent above estimates and nearly 19 percent above last October. Retail sales tax collections beat estimates by 9 percent and October 2021 by nearly 11 percent.
Corporate income tax collections, nearly $33 million for the month, were down less than 2 percent from projections but were nearly 20 percent below October 2021. Compensating use tax collections missed estimates by nearly 3 percent but were almost 4 percent above October 2021.
The Consensus Revenue Estimating Group is meeting Nov. 9 to review tax estimates, possibly revising the fiscal 2023 projection, and issuing the initial forecast for fiscal 2024 beginning July 1.
