Tax revenues to the state for the past month arrived 8% or $132.5 million higher than expected, according to the latest Economic & Revenue Forecast Council report. It covers the period of June 11, 2019, to July 10.
Those revenues go directly to the state general fund to pay for a variety of state services and programs. The revenues generated come from sales, use, business & occupation, utility and tobacco products.
Total tax payments in the retail trade sector were up 3.8% year over year.
The leading retail performers were:
- Online, up 13.8%
- Sporting goods, toys and music, up 10.7%
- Electronics and appliances, up 8.8%
No retail category showed a year-over-year decline in tax payments. Click here to read the entire report.
Source: Economic and Revenue Forecast Council