State tax collections for May might be above the most recent projections from the Consensus Revenue Estimating Group, but they are well below where they were a year ago.
The Department of Revenue says total tax collections were just under $449 million, almost $28 million above estimates — but down $114 million or 20 percent from May 2019.
Almost all sectors — individual income, corporate income and retail sales — were below the actual figures from last year:
*Individual income tax was $62 million or 22 percent less than last year but above current projections by $6 million
*Corporate income tax was behind May 2019 collections by $14.4 million and behind current projections by $8.4 million
*Retail sales tax is off by $27.3 million or 13.6 percent from last year but above estimates by $18.9 million
*Compensating use tax collections were above the May 2019 figures by $1.2 million or 3.2 percent and also ahead of projections by $7.7 million.
