January revenues miss mark, but fiscal 2019 year-to-date still ahead of fiscal 2018 Featured

January revenues miss mark, but fiscal 2019 year-to-date still ahead of fiscal 2018 KVOE News file photo

January's income tax revenues were lower than expected -- and much lower than collections for last year.


The Department of Revenue says collections were almost $50 million shy of projections adjusted last fall. 60th District Representative Mark Schreiber says it's tough to gauge why revenues were short.

Also on that list: the Department of Revenue issued $13 million more in tax refunds than it did in January 2018.

In addition, collections were off $100 million, or nearly 14 percent, from January 2018. The biggest drop came from individual income taxes, which were almost $50 million lower than expected for the month and $48 million lower than January 2018. Sales taxes were also off.

Even with the dip, fiscal year-to-date revenues are still over $95 million higher than the prior fiscal year.

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