July 18, 2021
The most recent monthly report on general fund revenue collections from the state’s Economic and Revenue Forecast Council (ERFC), which was issued last Friday, showed overall revenues almost spot on forecast.
For the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and interest (collectively the Revenue Act receipts), this report covers payments received between June 11 and July 10, which generally relate to transactions that occurred in the month of May.
For liquor taxes, cigarette tax, property tax, real estate excise tax, unclaimed property and other sources, the report covers payments received between June 1 and June 30.
The total amount received was $2,156.7 million, $5.3 million (0.2%) more than the amount expected under the forecast that ERFC adopted on June 23rd.
Revenue Act taxes (primarily the sales, use, utility, and business and occupations taxes) were $13.4 million (0.8%) short of the amount forecasted. Here is a chart showing seasonally adjusted Revenue Act receipts since 2004:
Non-Revenue Act taxes exceeded forecast by $15.8 million (3.1%). Within this grouping, real estate excise tax (REET) exceeded forecast by $17.5 million. ERFC staff note:
Sales of large commercial property (property valued at $10 million or more) increased to $847 million from last month’s revised total of $387 million. Seasonally adjusted taxable activity increased from last month’s already high level.
Here is a chart showing the value of transactions subject to REET since 2002:
The collections report is available here.Categories: Budget , Categories , Economy.