Florida Tax Collections Beat Forecast In March
From Tampa Free Press
Article By Local - Liz Shultz, Original Publish Date: May 6, 2023
Florida general-revenue collections topped projections by $167.7 million in March, with corporate-income taxes and sales taxes leading the way, according to a report released Friday by the Legislature’s Office of Economic & Demographic Research.
General revenue totaled nearly $3.69 billion during the month. General revenue is closely watched as it plays a key role in funding programs such as education, health care, and prisons.
Economists periodically update general-revenue estimates annually, with the latest estimates issued March 13.
Friday’s report showed that many types of taxes topped those estimates. For example, corporate-income taxes were $50 million above estimate, and sales taxes were $49 million above estimate.
The report was issued hours after lawmakers approved a $117 billion fiscal year budget starting July 1.
That budget was aided by higher-than-expected revenues over the past year.
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