The monthly revenue report of May 2014 state tax collections was released today.
Results
State general fund revenues for May were $1,005.6 million, which is $11.5 million (1.2%) above the estimate based on the December 20, 2013 forecast.
Sales tax collections were $592.8 million for May, which is $21.9 million (3.8%) above the estimate for the month.
Individual income tax collections totaled $287 million for the month, which is $22 million (7.1%) below the estimate for the month.
Corporate income tax collections were $35.4 million for May, which is $11 million (44.9%) above the estimate for the month.
Riverboat wagering revenue totaled $46.3 million for the month, which is $0.7 million (1.5%) below the monthly estimate. Racino wagering revenue was $11.4 million for May, which is $0.9 million (8.1%) above the estimate for the month.
Eleven months into FY 2014, total general fund revenues were $49.9 million (0.4%) below the estimate based on the December 20, 2013 forecast.
Commentary
Sales tax collections in May 2014 were $21.9 million above the monthly estimate and $20.9 million higher than in May 2013. When compared year over year, state general fund sales tax collections have grown by 1.7% or $104.3 million in fiscal year 2014.
Individual income tax collections for May 2014 were $22 million below the monthly estimate, and have missed the December forecast projection by $143.1 million, or 3.2%. When compared year over year, state general fund income tax collections have declined by 2.4% or $106.2 million in fiscal year 2014.
Corporate tax collections continue to beat the monthly estimate. Collections in May 2014 were $7.6 million (27.2%) more than in May 2013. When compared year over year, state corporate general fund taxes have grown by 11.3% or $81.1 million. Annual corporate collections year to date are $107.5 million (15.6%) higher than the December 20, 2013 forecast predicted.
http://www.ai.org/sba/files/revreport_may2014_commentary.pdf
