The State Budget Agency reported general fund revenues for January totaled $1,587.6 million, which is $56.9 million or 3.7% above December revised revenue forecast and $95.8 million or 6.4% above revenue in January 2019.
Sales tax collections totaled $821.7 million for January, which is $37.2 million or 4.7% above the monthly estimate and $65.6 million or 8.7% above revenue in January 2019.
Individual income tax collections totaled $649.2 million for January, which is $27.5 million or 4.1% below the monthly estimate and $8.1 million or 1.2% below revenue in January 2019. The state said lower than expected withholding tax collections as well as a one-time transfer from individual income tax to corporate tax combined to drive the difference relative to the monthly estimate and prior year actuals.
Corporate tax collections totaled $27 million for January, which is $46.5 million or 238.3% above the monthly estimate and $32.9 million or 554% above revenue in January 2019.
Riverboat wagering collections totaled $31 million for January, which is $4.5 million or 16.8% above the monthly estimate and $2.6 million or 9.3% above revenue in January 2019.
Racino wagering collections totaled $11.8 million for January, which is $0.6 million or 5.6% above the monthly estimate and $2.2 million or 22.5% above revenue in January 2019.
