General fund tax revenue for July, the first month of the 2021-22 fiscal year, was $1.54 billion above the $8.38 billion forecast in the recently approved state budget, the Department of Finance announced August 23.
The department added that general fund revenue for the entire 2020-21 fiscal year was $4.78 billion (2.4 percent) above the $201.78 billion forecast in the new budget, which was put together before the fiscal year ended.
Personal income tax revenue for July was $1.22 billion above the month’s forecast of $6.14 billion. Withholding receipts were $1.02 billion above the forecast of $5.75 billion, and other cash receipts were $382 million above the forecast of $895 million. Refunds issued in July were $161 million above the expected $390 million.
Sales and use tax revenue for July was $42 million above the month’s forecast of $1.24 billion. Corporation tax revenue was $375 million above the forecast of $603 million, and insurance tax revenue was $16 million above the forecast of $31 million.