December 2019 State Tax Collections

December revenue collections from the state’s three largest taxes—the personal income tax, corporation tax, and sales tax—were ahead of Governor’s Budget projections by $207 million. Corporation tax collections are up significantly (27 percent) through the first half of 2019-20 compared to the first half of 2018-19. In contrast, growth in collections from the personal income tax (5 percent) and sales tax (2 percent) has slowed through the first half of 2019-20.