The latest revenue report from the Office of Management and Budget is below, showing actual revenues to date compared to last biennium and to the legislative forecast.
Tax revenues have exceeded the legislative forecast by 41.5% biennium to date, and exceed revenues from last biennium by 64.6%.
The largest percentage increase in revenues over last biennium is, not surprisingly, the oil and gas production tax which increased nearly 400%. The largest dollar amount increase in revenues was from the sales tax which increased over $789 million, or 80.6%.
Biennium to date, the state has collected $1.607 billion more than was collected last biennium and $1.2 billion more than what the legislature projected.
Here’s the growth trend in revenues by source.
Unfortunately, despite this windfall, the state Senate will likely water down the half-billion in income tax relief the state House passed, and the largest form of “tax relief” being talked about this session isn’t tax relief but a state buy-up of local government spending.
We should be leveraging this windfall to change the state’s tax trajectory long-term, but instead the only place where our state leaders are being aggressive is spending.