The Department of the Treasury reported this week that November revenue collections for the major taxes totaled $2.567 billion, up $305.6 million, or 13.5% above last November.
Fiscal year-to-date, total collections of $12.70 billion are up $2.33 billion, or 22.5% above the same five months last year.
November collections for the Gross Income Tax (GIT), which is dedicated to the Property Tax Relief Fund, totaled $1.126 billion, up $163.1 million, or 16.9% above last November. Year-to-date collections of $5.357 billion are up $1.038 billion, or 24%.
Growth has been spurred primarily by two factors: employee withholding collections are recovering from weaker levels during the pandemic; and refund levels are down substantially, returning to normal after delayed taxpayer filing deadlines last year. These factors have remained steady during the first half of FY2022.
The Sales and Use Tax, the largest General Fund revenue source, reported $953.6 million, an increase of $116.7 million, or 13.9%. Year-to-date collections of $4.06 billion are up $439.1 million, or 12.1% higher than the same period last year.
Consumer behavior continues to exceed pre-pandemic levels, and recent inflation increases are also contributing to the strong rate of collections growth. Due to the one-month lag in Sales Tax collections, November revenue reflects consumer activity in October.
The Corporation Business Tax (CBT), which is the second largest General Fund revenue source, reported only a net collection of $1.396 million in November, a decrease of $98.4 million, or –98.6%. This is the second consecutive month in which elevated corporate refund payments have drawn down net collections.
However, November is among the smaller CBT collection months each year, and December’s quarterly estimated payments will provide a better reading for this tax revenue, Treasury officials said. Year-to-date through November, CBT collections of $1.378 billion are up $315.3 million, or 29.7% above the same period last year.