State Monthly Revenue Declines

Liz Gullett

Jun 24, 2022

Last month, major tax revenue earmarked for the general fund and school aid fund declined 8.9% from the May 2021 level. However, the $2.6 billion May 2022 collections were $93.5 million higher than previously estimated. Collections to the General Fund were $135.1 million more than previously projected, while collections to the School Aid Fund came in $34.8 million below estimates.

Other aspects of the monthly revenue report include:

- Net Income Tax Revenue – The May 2022 collections were 17.5% lower than May 2021.
- Sales Tax Collections – The monthly collections of $862.8 million was 3.1% higher than the prior year.
- Sales tax collections from vehicles sales was the second-highest level ever recorded.
- Combined business tax collections came in $42.6 million above estimates.

To read the full monthly revenue report, please click here.

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