December 18, 2019
Overall, November revenue collections from the state’s three largest taxes—the personal income tax (PIT), corporation tax, and sales tax—fell $362 million below projections in November. Year-to-date, revenues are $398 million below projections. The majority of the November shortfall is attributable to the PIT. The PIT shortfall may largely be due to timing. The first withholding collection day after Thanksgiving, which is typically an above average collection day, fell in December instead of November. There is a good chance the November shortfall will be made up in December.