State general revenue tax collections in February dipped by $7.9 million from a year ago to $493.6 million and exceeded the state’s April 2 forecast by $31.7 million.
The state’s sales and use tax collections surged in February and exceeded the state’s forecast by $31.3 million, but the state’s individual income tax collections dropped last month and exceeded the state’s forecast by $3.3 million.
The state Department of Finance and Administration reported these figures this morning in its monthly revenue report.
Tax refunds and some special government expenditures are taken off the top of total general revenue, leaving a net amount that state agencies are allowed to spend.
The state’s net general revenues in February outdistanced the state’s forecast by $107.2 million, with the help of the state’s individual income tax refunds falling $76.2 million below forecast last month.
February is the eighth month of fiscal 2021, which ends June 30.
During the first eight months of fiscal 2021, the state’s net tax revenues have exceeded the state’s forecast by $529.1 million.
A state official said he expects the state’s individual income tax refunds to rebound into the next few months and reduce the amount of net general revenues that the state is exceeding its forecast in fiscal 2021.