July Revenue Numbers Released

Liz Gullett

Aug 13, 2021

While revenue last month came in lower than the prior year, it was higher than estimated at the May 2021 Consensus Revenue Estimating Conference (CREC). Total cash collections from major taxes, penalties and interest, and lottery transfers totaled $2,546.1 million in July 2021, which was $866.1 million lower than July 2020. Highlights from the July 2021 revenue report form the non-partisan House Fiscal Agency include:

- Net income tax revenue was $872.8 million
- Year-to-date net business taxes are $388.1 million higher than the prior year
- Consumption taxes totaled $1,192.9 million, which is higher than the prior year as consumer purchases of taxable goods continue to be higher than pre-pandemic levels
- State education taxes totaled $50.8 million

General Fund/General Purpose tax revenue totaled $1,246.9 million last month, which is $139.7 million higher than the CREC projections. Year-to-date collections are $1,206.2 million above estimates.

The School Aid Fund revenue was $1,153.4 million in July, which was $57.6 million higher than the CREC estimates. Year-to-date collections are $413.6 million more than estimates. The growth in revenue is due to higher than estimated sales and gross income tax collections.

To read the full report, please click here.

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