January’s income tax revenues were lower than expected — and much lower than collections for last year.
The Department of Revenue says collections were almost $50 million shy of projections adjusted last fall. 60th District Representative Mark Schreiber says it’s tough to gauge why revenues were short.
Also on that list: the Department of Revenue issued $13 million more in tax refunds than it did in January 2018.
In addition, collections were off $100 million, or nearly 14 percent, from January 2018. The biggest drop came from individual income taxes, which were almost $50 million lower than expected for the month and $48 million lower than January 2018. Sales taxes were also off.
Even with the dip, fiscal year-to-date revenues are still over $95 million higher than the prior fiscal year.
