The state’s winning trend continues — when it comes to total monthly revenues outperforming expectations.
The January tax-only collections were listed at $1.05 billion, over $56 million more than the monthly estimate and over $100 million higher than January 2022.
Unlike past months, when individual income tax receipts drove the increase, the January totals were led by corporate tax receipts which were $141 million and almost 375 percent above projections. State officials credited the SALT Parity Act, which lets pass-through entities like S corporations, partnerships and limited liability corporations pay their taxes at the entity level on income going through to owners.
In fact, individual, retail and compensating use tax collections were all below estimates. Only individual income tax receipts were also below January 2022 numbers.
