Better than expected collections from sales, corporate and gaming taxes translated to strong revenue performance for the state in March.
The State Budget Agency reported general fund revenues for March totaled $1,462.9 million, which was $167.9 million or 13% above estimates based on the Dec. 16, 2021 revenue forecast and $301.7 million or 26% above revenue in March 2021.
The state credited higher than projected collections from sales, individual income, corporate, and gaming taxes, as well as miscellaneous revenues for boosting previous estimates.
Sales tax collections totaled $732.8 million for March, which was $20.8 million or 2.9% above the monthly estimate and $86.2 million or 13.3% above revenue in March 2021.
Individual income tax collections totaled $537.2 million for March, which was $78.5 million or 17.1% above the monthly estimate and $150.7 million or 39% above revenue in March 2021.
Monthly collections related to tax withholdings came in $18.3 million above the monthly estimate and $92.6 million or 12.4% above prior year actuals. Other monthly individual income tax collections, net of refunds, came in $60.2 million above the monthly estimate and $58.2 million or 16.2% above prior year actuals.
Corporate tax collections totaled $61.3 million for March, which was $33.6 million or 121.8% above the monthly estimate and $17.9 million or 41.3% above revenue in March 2021.
Riverboat wagering collections totaled $55 million for March, which was $14.6 million or 36.1% above the monthly estimate and $23.7 million or 75.7% above revenue in March 2021.
Year-to-date general fund revenues totaled $13,627.3 million, which was $368.5 million above the December 2021 revenue forecast and $752.4 million or 5.8% above revenues through the same period in the prior fiscal year.
