It was an across-the-board miss for the state’s income tax revenues versus projections.
The March report showed overall total tax collections were just shy of $637 million for the month. That was 2 percent below estimates and over 16 percent below March 2024.
Individual income tax collections were $261.6 million, missing estimates by 1.3 percent and last March by over 28 percent.
Corporate income tax collections were $50.1 million, short of projections and March 2024 by 35 percent.
Combined retail sales and compensating use taxes were almost $247 million, missing estimates by 3.2 percent and last March by 5.5 percent.
The March report comes with a planned meeting of the Consensus Revenue Estimating Group on April 17. The goals of that meeting are to review the effectiveness of the fall 2024 estimate and make any revisions needed to accurately plan for upcoming budget years.
