We have now received preliminary data (summarized in the figure below) from all of the state's tax agencies on April 2016 collections of the personal income tax (PIT), the sales and use tax (SUT), and the corporation tax (CT). (Previously, we described this data for the personal income tax and provided additional perspectives here.) The PIT, SUT, and CT are the three largest state General Fund revenue sources, known as the "Big Three" General Fund taxes. As shown below, PIT and SUT have been running below the administration's January revenue projections, while CT has been running stronger than those projections.
As discussed previously, both our office and the administration will release updated revenue estimates in the coming days in association with the May Revision of the state budget.
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