The state took in millions of dollars more than expected last month, according to the general revenue report released this morning.
Here's the full report:
The Fiscal Year 2013 general revenue forecast was revised higher by $99.5 million on November 15, 2012. All forecast comparisons have been adjusted to the new official forecast values.
Results were mainly driven by Individual Income tax collections which grew 4.8 percent compared to last year. Sales and Use taxes, including automobile sales tax, were up compared to last year but slightly below forecast.
November Gross General Revenues: November collections total $427.6 million, an increase of $14.9 million or 3.6 percent above last year and $4.0 million or 0.9 percent above forecast.
November Individual Income Tax collections total $192.5 million. Collections increased by $8.8 million, or 4.8 percent compared to last year. With respect to the forecast, collections are $4.9 million or 2.6 percent above forecast. Individual withholding increased 4.8 percent compared to last year.
November Individual Income Tax Refunds total $13.5 million, $3.4 million or 34.4 percent above last year and $3.1 million or 28.8 percent above forecast.
November Sales and Use Tax Collections: November collections total $173.2 million, an increase of $6.3 million or 3.8 percent from last year. Collections were below monthly forecast levels by $0.6 million or -0.4 percent.
November Corporate Income Tax collections total $10.6 million, an increase of $0.5 million or 4.7 percent above year earlier levels, but $0.9 million or -7.4 percent below forecast.
November Corporate Income Tax Refunds total $10.3 million. This amount is $1.2 million or -10.8 percent below year ago levels. Refunds were below forecast by $2.3 million.
November Tobacco Tax collections, a small component of general revenue in annual terms, total $19.5 million. Collections decreased by $1.4 million or -6.8 percent below year earlier levels, but were 0.7 percent above forecast. Monthly changes in tobacco tax collections can be attributed to uneven patterns of stamp sales to wholesale
Year-to-date Gross General Revenues: Year-to-date gross collections total $2,308.9 million, representing an increase of $54.0 million or 2.4 percent above last year. Gross general revenues are above the revised forecast by $4.0 million or 0.2 percent.
Year-to-date Individual Income Taxes: Year-to-date individual income tax collections total $1,087.9 million, $51.1 million or 4.9 percent above FY 2012 collections and $4.9 million or 0.5 percent above forecast. Collections growth for individual withholding is up 3.6 percent over year ago levels.
Year-to-date individual income tax refunds total $49.9 million, up $4.8 million or 10.7 percent compared to last year and $3.0 million or 6.4 percent above forecast.
Year-to-date Sales and Use Tax Collections: On a year-to-date basis, sales and use taxes total $878.2 million, an increase of $0.2 million from FY 2012 and $0.6 million or -0.1 percent below forecast.
Year-to-date Corporate Income Taxes: Year-to-date corporate revenues total $128.7 million, a decrease of $8.5 million or -6.2 percent from year-to-date FY 2012. Corporate income tax is below forecast by $0.8 million or -0.7 percent.
Year-to-date corporate income tax refunds total $30.4 million, a decrease of $7.9 million compared to the same year-to-date period last year.
Educational Adequacy Fund: Act 107 of the Second Extraordinary Session of 2003 increased the state sales and use tax rate from 5.125% to 6.0%, effective March 1, 2004. Effective July 1, 2004 a new sales tax on selected services went into effect in addition to an increase in vending machine decal fees. Act 94 increased the minimum corporate franchise tax and the tax rate, effective for calendar years beginning January 1, 2004.
The additional revenues are deposited as special revenues to the Educational Adequacy Fund to be used to fulfill the financial obligations of the state to provide an adequate educational system. In November 2012, $36.1 million was collected and deposited to the fund. After deductions, the net amount is $34.9 million. The monthly collection is equivalent to a 3.6 percent increase from prior year collections.