State Releases Dec 2021 General Revenue Report

The State Budget Director Dan Haug made an announcement today.  Net general revenue collections for December 2021 were up almost 32% from December 2020.  It went up from $904 Million to $1.19 Billion this year.

Net general revenue collections for 2022 fiscal year-to-date increased 4.7 percent compared to December 2020, from $5.44 billion last year to $5.70 billion this year.

Here is the breakdown from Gross Collections By Tax Type:

Individual income tax collections

• Decreased 4.5 percent for the year, from $4.02 billion last year to $3.84 billion this year.
• Increased 2.8 percent for the month.

Sales and use tax collections

• Increased 35.0 percent for the year from $1.19 billion last year to $1.60 billion this year.
• Increased 108.1 percent for the month.

Corporate income and corporate franchise tax collections

• Increased 9.9 percent for the year, from $366.7 million last year to $402.9 million this year.
• Increased 86.9 percent for the month.

All other collections

• Decreased 0.4 percent for the year, from $258.0 million last year to $256.9 million this year.
• Decreased 27.2 percent for the month.

Refunds:

• Increased 2.9 percent for the year, from $389.2 million last year to $400.5 million this year.
• Decreased 9.6 percent for the month.

It should be noted that due to the pandemic,  the 2020 income tax filing dates were moved from April and June to July 15 2020.  Therefore, the comparison of Fiscal Year 2021 to Fiscal Year 2022 will be negatively impacted throughout the Fiscal Year 2022.

The amount reflected as the total for Sales and Use Tax was inflated by dollars that should have been allocated to other funds.  The Department is in the process of reallocating those amounts back to the applicable funds.  This reallocation will be addressed in the January monthly report. The figures included in the monthly general revenue report represent a snapshot in time and can vary widely based on a multitude of factors.