On January 12, 2011 a fiscal 2012 consensus revenue estimate of $20.525 billion was agreed upon by the Secretary of Administration and Finance and the chairs of the House and Senate Committees on Ways and Means.
This consensus estimate as well as the impact of fiscal 2012 revenue initiatives enacted as part of the General Appropriations Act (GAA), constitute total estimated budgeted tax-revenues of $20.636 billion for fiscal 2012. Later legislation authorizing a two-day sales tax holiday further revised this figure to $20.615 billion.
Based upon the tax revenue targets assumed in the fiscal 2013 budget, the Department of Revenue created a series of monthly and quarterly benchmarks to monitor and track revenue collections throughout the fiscal year.
Each month, the Department publishes a variety of tax revenue collection reports comparing the actual collections to monthly and year-to-date targets as well as year over year growth. Please see below for reports relative to each month.
On October 17, 2011 the Secretary of Administration and Finance revised upwards the fiscal 2012 tax revenue estimate from $20.615 billion to $21.010 billion.
In December, 2011 the Commission of the Department of Revenue certified to the Secretary of Administration and Finance positive inflation-adjusted baseline tax revenue growth for the three-month period of September, October and November 2011 over the same period in 2010. This exceeded the threshold requirement of 0% and was the last of five required tax revenue thresholds necessary to trigger a reduction in the State’s income tax. Effective January 1, 2012, the Part B income tax rate was reduced to 5.25% from 5.30%.
Final fiscal 2013 tax-revenue collections totaled $21.115 billion, $105 million above the final fiscal 2012 estimate, and $500 million above the original fiscal 2012 estimate