The state’s Economic and Revenue Forecast Council (ERFC) released its April report on state general fund revenue collections today. For the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and interest, this report covers payments received between March 11 and April 10, which generally relate to transactions that occurred in the month of January. For liquor taxes, cigarette tax, property tax, real estate excise tax, unclaimed property and other sources, the report covers payments received between March 1 and March 29.

The total amount received was $1,459.0 million. This was $3.5 million (0.2%) less than the amount that had been forecast. Real estate excise tax (REET) was $19.5 million (33.1%) more than the forecast amount. All other sources together were $23.0 million (1.6%) less than the forecast amount. Most of the REET derived from closings that occurred in March, pursuant to purchase and sale agreements signed a period of time before the closing date.

For retail sales tax, business and occupation tax and other excise taxes, taxpayers pay either monthly, quarterly or annually, depending on the taxpayer’s amount of annual income. The slowdown in economic activity due to COVID-19 really started in mid-March. For monthly and quarterly taxpayers, taxes on March activity will be remitted to the state in April and will be reported in ERFC’s Economic and Revenue Update for May. It will thus be one more month before we see a significant effect of COVID-19 on state revenues.