State bounces back in September tax collections
The state's revenue collections in September caught up with projections for the fiscal year-to-date after a slow month of collections in August.
General fund collections totaled $2.4 billion in September, about 0.6 percent more than anticipated for the month according to Daniel Meuser, the secretary of the state's Department of Revenue. That brings the three-month, year-to-date total to $6.1 billion, about two-tenths of a percentage point above where the state projected to be at this time.
One of the big gains was in realty transfer tax. The state anticipated being able to collect $105.8 million from June through September, but has collected $112 million, about 5.9 percent above projection. All of the gains came in September, when the state collected $6.3 million more than expected for $35.2 million.
Sales tax lagged behind collections, at $730.4 million, for September. However, the year-to-date state tax collections are about 0.9 percent above projections.
Corporation tax collection sagged heavily in September, down almost 1.8 percent at $457.4 million collected. For the year, corporation tax collection is 1.7 percent below estimate.
Inheritance tax collection was strong in September at $70.8 million, rising 4.4 percent above projections. The year-to-date total is at $213.6 million, only about $200,000 off projection.
Outside of the general fund, the motor license fund received $182.3 million for the month, $4.9 million below estimate. From July to September, the state has collected $603 million, about 2.7 percent below the estimate.