State begins fiscal year 2029 slightly above estimates

The state begins Fiscal Year 2020 with total tax collections of $496.2 million, which is $2.0 million, or 0.39% above estimates. Total tax collections were $2.9 million, or 0.57%, below the amount collected in July 2018.

Retail sales tax collections were $204.6 million and are down 0.21% from the $205.0 million estimate; and use tax collections were $39.0 million and are $3.0 million, or 8.29% higher than the $36.0 million estimate.

Individual income tax collections were $224.2 million, about $0.8 million below the estimate. Corporate income tax was also about $0.8 million below the estimate with collections of $15.2 million, but were 6.50% greater than the previous July.