Both the Senate and House Fiscal Agencies released May revenue reports following the May Consensus Revenue Estimating Conference (CREC).
The Senate Fiscal Agency reported that revenues from taxes with the General Fund and School Aid Fund earmarks totaled $2.6 billion, which is a 8.9% decrease from May 2021. While total revenue collections came in lower than a year ago, tax collections for the month were $93.5 million above May forecasts. Net income saw a sizable drop - down 17.5 percent from last May - but that was largely due to a policy change last year that delayed the return date from April to May. Income tax witholding and sales tax were both up over last year’s levels.
The House Fiscal Agency reported cash collections from major taxes, penalties, interest, and lottery transfers totaled approximately $2.6 billion for May 2022, or $205.7 million less than May 2021. For fiscal-year-to-date, collections for FY 2021-22 were reported 19.8% higher than during FY 2020-21.