December 28, 2018
Personal Income Tax (PIT) Collections in November Higher Due to Processing Issue. As noted last month, a processing issue caused a delay in the receipt of October withholding. As a result, that withholding amount—roughly $1.3 billion—counted towards November. Consequently, November PIT collections exceeded revenue projections. (Absent that additional $1.3 billion, November PIT collections would be close to projections.)
Year-to-Date Totals Remain Ahead of Projections. Due to the various processing issues for the PIT and sales tax, the year-to-date totals provide a clearer view of the revenue picture than the monthly numbers. As seen in the figure below, revenues through November were over $2 billion ahead of projections.