February 2018 State Tax Collections

This post describes preliminary collections from the state’s three main taxes—the personal income tax (PIT), sales and use tax, and the corporation tax. Receipts from these three taxes combined fell about $300 million (or 6 percent) short of the administration’s monthly projection. The result was mostly due to the state issuing $295 million more in PIT refunds than was projected. Through February 2018, revenues from these taxes are running $2.4 billion above projections.