State Budget Director Dan Haug announced today that net general revenue collections for May 2020 decreased 22.5 percent compared to those for May 2019, from $688.2 million last year to $533.5 million this year.
Net general revenue collections for 2020 fiscal year-to-date decreased 7.4 percent compared to May 2019, from $8.70 billion last year to $8.06 billion this year.
GROSS COLLECTIONS BY TAX TYPE
Individual income tax collections
- Decreased 9.1 percent for the year, from $7.00 billion last year to $6.36 billion this year.
- Decreased 3.1 percent for the month.
Sales and use tax collections
- Increased 1.0 percent for the year, from $2.06 billion last year to $2.08 billion this year.
- Decreased 10.3 percent for the month.
Corporate income and corporate franchise tax collections
- Decreased 7.5 percent for the year, from $446.6 million last year to $412.9 million this year.
- Increased 137.4 percent for the month.
All other collections
- Decreased 4.1 percent for the year, from $433.4 million last year to $415.5 million this year.
- Decreased 35.1 percent for the month.
Refunds
- Decreased 2.1 percent for the year, from $1.23 billion last year to $1.20 billion this year.
- Increased 79.3 percent for the month.
The figures included in the monthly general revenue report represent a snapshot in time and can vary widely based on a multitude of factors.