Aided by rising individual income tax and sales and use tax collections, state general revenue in August increased by $56.9 million over the same month a year ago to $564.9 million, the state Department of Finance and Administration reported Wednesday.
The month’s general revenue tax collections exceeded the state’s forecast by $53.9 million, according to the department.
Individual income taxes and sales and use taxes are the state government's two largest sources of general revenue.
Individual income taxes increased in August by $16.5 million over the same month a year ago to $245.5 million with the help of two more paydays than in the same month a year ago. These collections exceeded the state’s forecast by $23.9 million.
Sales and use taxes increased last month by $13.5 million over the same month a year ago to $236.2 million and exceeded the state’s forecast by $20.7 million with the help of surging retail sales and auto sales collections.
The net general revenue available to state agencies increased in August by $36.5 million over a year ago to $485.5 million and exceeded the state’s forecast by $41 million.
August is the second month of fiscal year 2021.
After two months of fiscal 2021, the net available general revenue available to state agencies has increased by $239.6 million to $1.15 billion and exceeded the state’s forecast by $93.7 million. This includes increased net collections from the state’s shift of the individual income tax filing and payment deadline from April 15 to July 15.