The monthly revenue report for January 2014 state tax collections was released recently. According to the report, state general fund revenues for January were $1.333 billion, which is $38.3 million below target based on the Dec. 20, 2013 forecast. For the first seven months of FY 2014, total general fund revenues were $8,062.1 million.
The report said sales tax collections were $645.6 million for January, which is 2.3 percent below target for the month. Individual income tax collections totaled $591.3 million for the month, which is $13.2 million below target for the month. For the first seven months of the fiscal year, individual income tax collections have missed the estimated target by $52.5 million, or 1.8 percent.
Corporate income tax collections were $2.4 million below target for January, but are $12.2 million above target year to date. Gaming revenues missed the monthly target by $3 million and are $8 million below estimates for the first seven months of fiscal year 2014.