State tax collectors brought in a bigger-than-expected holiday bounty in November. But they are still trying to close the gap between actual and projected collections as the end of the year approaches.
The state collected $2.43 billion in taxes in November, according to data from the Department of the Treasury released earlier this week.
That figure was $190 million, or 8.4 percent higher than actual collections in November 2023, and $56 million, or 2.4 percent, higher than the state’s projections.
Still, the state remains just under 1 percent behind its year-to-date projections, with just about $14.9 billion so far. That’s $805 million, or 5.7% more than actual collections at the same time last year, but 0.8% less than its year-to-date benchmarks.
The November collection “included increases over the November 2023 collection in withholdings, non-withheld income taxes and ‘all other taxes,'” state Revenue Commissioner Geoffrey Snyder said in a statement.
These increases were “partially offset by a decrease in the corporate and corporate tax. The increase in withholding reflects a likely increase in surcharge revenue and current labor market conditions,” Snyder continued.
Here’s a look at November’s collections, by major categories:
- Income tax collections for November totaled $1.492 billion. This is $131 million or 9.7% above state benchmarks and $240 million or 19.2% more than November 2023.
- November withholding tax collections totaled $1.567 billion. This is $128 million or 8.9% above the state benchmark and $199 million or 14.6% more than November 2023.
- November sales and use tax collections totaled $763 million. That’s $2 million or 0.2 percent above the state’s benchmark, but $4 million or 0.6 percent less than in November 2023.
- Corporate and business tax collections for November totaled -$42 million. That’s $121 million below the state’s benchmark and $98 million less than in November 2023, state data showed.
November is generally one of the lighter months for tax collections, officials said. This is because neither individual nor business taxpayers make significant estimated payments throughout the month.
Historically, the state collects about 6.4 percent of its annual revenue during November, Snyder’s office noted, as he cautioned against using the month’s accounts as a “predictor for the rest of the ‘fiscal year’.