State over-collects by only $20M in February

The state undershot revenue estimates again in February, but this time the miss was only $20 million, a good bit less than in recent months, which saw the state over collecting by hundreds of millions.

“February’s sales tax growth rate was the lowest we’ve seen in the past year, but receipts still managed to come in a little over the budgeted estimate,” Martin said. “Franchise and Excise taxes recorded negative growth for the month, but were marginally higher than the budgeted estimate for the month.