Comparison of General Fund Revenue Collections in Fiscal 2020, Fiscal 2021 and Enacted Fiscal 2022 (In millions of dollars)

Arkansas — Revenue amounts are reported as “gross” (before refunds and special dedications/payments).

California — Excludes cost recoveries from wildfires and COVID-19, as well as transfers and loans.
Fiscal 2020 does not include $4.7 billion in revenue transfers and loans from the General Fund or $707 million in cost recoveries from wildfires.
Fiscal 2021 estimate adopted in the 2020 Budget Act does not include $12.3 billion in expected revenue transfers and loans to the General fund or $5.7 billion in cost recoveries from COVID-19 and wildfires.
Fiscal 2021 does not include $7.8 billion in revenue transfers and loans to the General Fund or $570 million in cost recoveries from COVID-19 and wildfires.
Fiscal 2022 does not include $6.3 billion in revenue transfers and loans from the General Fund or $4.4 billion in cost recoveries from COVID-19 and wildfires.

Idaho — Preliminary actual figures for fiscal 2021 represent final revenue figures calculated by Economic Bureau after year-end close of June 30, 2021.

Maryland — The State of Maryland revenue forecast for FY 2022 includes -$80 million for revenue volatility. It would be more accurate to show this figure on its own row, but without that, we have incorporated that amount into “All Other Revenues.”

New Mexico — Preliminary Actual FY21: The figures are based on 11 months’ worth of accrual data for FY21. Excludes infusion of $750 million from the Coronavirus Relief Fund for FY21 expenditures. The projection for FY22 was based on the revenue projection estimated during February 2021; the figures did not anticipate the strong growth in other state tax revenue between February 2021 to June 2021.

New York — In FY 2021 revenues reflect $4.5 billion in PIT note sales executed in the first quarter of FY 2021, as well as the subsequent repayment within FY 2021. The borrowings were done to address liquidity needs in response to the Federal government’s decision to extend the calendar year 2019 income tax filing from April 15, 2020 to July 15, 2020. The FY 2021 Enacted Budget authorized up to $8 billion of short-term borrowing in the form of personal income tax revenue or bond anticipation notes and up to $3 billion of credit facilities in the form of a line of credit at one or more banks. In FY 2021, the note proceeds increase miscellaneous receipts by $4.5 billion, while the repayment results in a reduction of PIT receipts of $4.5 billion, resulting in no impact to total revenue estimates.

Pennsylvania — Fiscal 2022 revenue estimates reported here include $3.841 billion in State and Local Fiscal Recovery Funds deposit into the General Fund for revenue loss. This is excluded from revenue figure in Table 5.

South Carolina — FY 2022 revenues currently running significantly ahead of estimates. The BEA meets in November to consider any changes to forecast.

Tennessee — Preliminary Actual Fiscal 2021 revenues are as of August 13, 2021. Sales tax, personal income tax, and corporate income tax are shared with local governments. Corporate income tax includes franchise tax. Tennessee’s personal income tax is assessed on dividend and interest income. Legislation was passed in 2017 to annually reduce this tax to zero by fiscal year 2022.

Texas —Preliminary actual fiscal 2021 figures reflect totals from Texas Comptroller of Public Accounts (CPA) on 9/1/2021.

Utah — The preliminary actual fiscal 2021 revenue data provided is the pre-closeout actuals as of September 2021.

Virginia — Revenue information excludes transfers.

Washington — Total revenues reflect total available general fund revenues, after transfers.