February tax collections continue to exceed estimates

Total state tax collections for February were $502.5 million. That is $18.7 million, or 3.9%, more than the February estimate. Those collections are also $46.6 million, or 10.2%, more than February 2021.

Individual income tax collections were $183.4 million in February. That is $6.6 million, or 3.5%, below the estimate. However, it is important to note that income tax refunds are being issued much quicker than in prior years. There have been 15,000 more refunds sent out in February 2022 compared to February 2021. The increase in refunds total $21.0 million more paid out in February compared to the same month of 2021.

Corporate income tax collections were $23.4 million, which is $12.4 million, or 112.8%, more than the February 2022 estimate. Those collections are $15.2 million, or 186.3% more than February 2021, reflecting substantial corporate profits.

Retail sales tax collections were $195.2 million, which is $5.2 million, or 2.8% more than the estimate. Those collections are also $16.0 million, or 8.9%, greater than February 2021. Compensating use tax collections were $59.4 million, which is $4.4 million, or 8.0%, more than the estimate. Those collections were $20.7 million, or 53.7%, more than February 2021.