March Net Tax Revenues Up 9.8%

Individual Income Tax: Individual Income Tax collections totaled $971.4 million, which was an increase of roughly $197.5 million, or 25.5 percent, compared to last year when Income Tax collections totaled nearly $774 million. Individual Income Tax refunds issued – net of voided checks – were down $115.8 million, or -21.7 percent. Individual Withholding payments increased by $82.6 million, or 7.5 percent, compared to FY 2019. Individual Income Tax Return payments were up $10.5 million, or 18.3 percent, over last year. All other Individual Tax categories, including Estimated Tax payments, were down a combined $11.4 million.

Sales and Use Tax: Gross Sales and Use Tax collections totaled $936 million during the month for a decrease of $10.5 million, or -1.1 percent, compared to FY 2019. Net Sales and Use Tax decreased by $11.4 million, or -2.4 percent, compared to last year when net sales tax totaled $468.5 million. The adjusted Sales Tax distribution to local governments totaled $467.8 million for a decrease of nearly $6.1 million, or -1.3 percent, compared to the previous fiscal year. Lastly, Sales Tax Refunds rose by $7 million, or 167 percent, compared to FY 2019.

Corporate Income Tax: Corporate Income Tax collections during the month totaled almost $110.1 million for an increase of roughly $0.9 million, or 0.8 percent, compared to FY 2019. Corporate Income Tax refunds issued – net of voids – were up $21.1 million, or 138.2 percent. Corporate Income Tax Return payments increased roughly $15 million, or 43 percent, over last year. All other Corporate Tax types, including Corporate Estimated Tax payments, were up a combined $7 million.

Motor Fuel Taxes: Motor Fuel Tax collections increased by nearly $5.8 million, or 4.1 percent, compared to FY 2019.

Motor Vehicle – Tag & Title Fees: Motor Vehicle Tag & Title Fees fell by nearly $2.5 million, or -6.9 percent, in March while Title Ad Valorem Tax (TAVT) collections decreased by $14.6 million, or -22.9 percent, from last year’s total of $63.8 million.