State general revenue collections for January fell just short of expectations, according to a report from state economists released Tuesday.
The report from the Office of Economic and Demographic Research showed the state collected $4.26 billion in net general revenue in January, $18.9 million or 0.4 percent under the amount forecast, a difference considered “well within the range the (General Revenue Estimating) Conference typically attributes to noise.”
The monthly figures were the first to incorporate updates made to general-revenue tax collections by the conference on January 23.
At the time, state economists increased the revenue projection for fiscal year 2025-2026, which ends June 30, by $502.5 million and the 2026-2027 projection by $70 million. The economists at the time noted the “forecasting environment is generally stable,” but there was an “elevated” uncertainty on the economic outlook “from this point forward.”
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The state forecast is intended to help lawmakers make budget decisions. General revenue is closely watched because it plays a major role in funding education, health and prison programs.
In the January figures, sales tax collections came in at $3.56 billion, or $5.2 million under the forecast.
The $179.4 million in corporate income taxes was $3.2 million under the forecast. And earnings on state investments totaled $105.8 million for the month, $14 million below the forecast.
Meanwhile, documentary stamp taxes on real estate transactions came in at $140.4 million for the month, $33.6 million over the forecast.
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