Florida’s general revenue tax collections in June slightly exceeded expectations, bolstered by robust sales tax revenue.
The Legislature’s Office of Economic & Demographic Research released a report on Thursday showing that June’s general revenue collections amounted to $4.713 billion, $23.9 million more than projected in January.
The increase was primarily driven by $3.076 billion in sales-tax collections, exceeding projections by $124.6 million. However, other general revenue sources, including corporate income taxes, insurance taxes, and documentary-stamp taxes on real-estate transactions, fell short of expectations.
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The report also indicated that net general revenue collections for the fiscal year ending June 30 totaled $48.342 billion, surpassing projections by $1.085 billion. Sales taxes contributed 74.5 percent of the total revenue for the fiscal year.
General revenue is a critical funding source for education, health, and prison programs in the state. The state Revenue Estimating Conference is set to issue a revised general revenue forecast on August 14.
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