Arizona Raises $ 100 Million More Than Expected In October Tax Revenue | New

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Arizona’s economy appears to be exceeding expectations of state economists, as tax revenue surpassed expected levels for the eighth consecutive month.

Arizona’s Joint Legislative Budget Committee released its October revenue figures, showing the state brought in $ 1.17 billion; $ 100 million more than expected.

Sales taxes, personal income taxes and corporate taxes all hit higher than expected levels, according to Friday’s report.

A major tourist destination, Arizona is more dependent on tax revenue than many other states.

“Sales tax collections of $ 577.7 million were 14.8% higher in October of last year and $ 31.1 million above October forecast,” indicates the report. “In the first 4 months of fiscal 2022, sales tax revenue increased 15.4%. Sales tax collections increased at double-digit rates in each of the last eight month.”

The report showed that passengers at Phoenix Sky Harbor International Airport, hotel occupancy rate and the percentage of restaurant reservations made on the OpenTable online service are high compared to the same month in 2020.

The state collected $ 519.6 million in personal income taxes; 19% more than the previous October and $ 51.6 million more than the state estimated to be collected.

Net corporate tax revenue in October was $ 69 million, more than double the October 2020 collections. The report says October net collections were the highest on record for one month of October.

It may not be fair to compare current tax conditions to the same month in 2020, given that much of 2020 has been devoted to some sort of COVID-19-induced lockdown that has slowed business transactions and kept employment levels low. In addition, the state followed suit with the federal government by postponing tax returns from April 15 to July 15.

However, the report indicates that the revenue of the general state fund is 5.3% higher than that of the previous fiscal year, when disbursements of urban revenue are excluded.

“This percentage of year-to-date revenue growth is impacted by the state’s 2020 income tax deferral from April 15 to July 15, resulting in the July revenue base 2020 (at the start of fiscal 2021) was artificially higher. After adjusting for carry forward, cumulative revenue for fiscal 2022 is 18.9% higher than in the previous year, “the report said.

Original location: Arizona collects $ 100 million more than expected in October tax revenue

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