State tax revenue came in very close to estimates in November. This is the second month in a row that forecasts have nearly been right on target.
Personal income tax revenue for November was up nearly $12 million, or 1.8 percent over estimates. And total tax revenue was up a half a point over the state budget office’s initial forecasts.
For the year, the personal income tax has brought in $28 million more than estimates, and total tax revenue is running three tenths of a point over where forecasters thought it would be. At this time in the last fiscal year, income tax revenue was off nearly 5 percent and total tax revenue was $259 million less than predicted.
Forecasts for the last fiscal year were off for 11 of 12 months, creating a budget hole of nearly a billion dollars. State budget director Tim Keen had said he would revise his forecasts downward.