State Budget Report For April

State Budget Director Dan Haug announced Wednesday 2018 fiscal year-to-date net general revenue collections increased 2.1 percent compared to 2017, from $7.64 billion last year to $7.80 billion this year.

Net general revenue collections for April 2018 decreased 7.1 percent compared to those for April 2017, from $1.17 billion last year to $1.08 billion this year.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

  • Increased 4.7 percent for the year, from $6.13 billion last year to $6.41 billion this year.
  • Decreased 4.9 percent for the month.

 Sales and use tax collections

  • Increased 2.0 percent for the year from $1.75 billion last year to $1.79 billion this year.
  • Increased 1.9 percent for the month.

Corporate income and corporate franchise tax collections

  • Increased 9.8 percent for the year, from $324.6 million last year to $356.4 million this year.
  • Decreased 3.7 percent for the month.

All other collections

  • Increased 1.1 percent for the year, from $391.1 million last year to $395.2 million this year.
  • Decreased 5.9 percent for the month.

Refunds

  • Increased 20.2 percent for the year, from $957.8 million last year to $1.15 billion this year.
  • Increased 20.5 percent for the month.

Director Haug noted the General Revenue Fund repaid the $350 million borrowed from the Budget Reserve Fund during fiscal year 2018, well ahead of the Constitutional deadline of May 15th.

Note: The FY 2018 total refund line includes Debt Offset Escrow amounts, which had not previously been included in the FY 2017 refund amount.

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