LFB: State tax collections $319 million higher than June estimate

State tax collections continued to exceed expectations in the 2020-21 fiscal year as the state took in $319 million more than what the Legislative Fiscal Bureau had projected just two months ago.
In June, LFB had anticipated $19.25 billion in general fund tax collections in the second year of the budget. Instead, tax collections came in at nearly $19.6 billion.
LFB Director Bob Lang said the bump was due to two factors. One factor was corporate tax collections came in higher than expected after businesses made their estimated payments at the end of June before the fiscal year closed. The secon...

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