Comparison of General Fund Revenue Collections in Fiscal 2021, Fiscal 2022 and Enacted Fiscal 2023 (In millions of dollars)

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

The Corporate Income Revenue in preliminary actual fiscal 2022 includes the pass-through entity (PTE) elective tax, which began in 2021-22 and allows taxpayers to pay a tax at the entity level and receive an equivalent credit against their personal income tax liability.

All Other General Fund Revenue excludes cost recoveries from wildfires and COVID-19, as well as transfers and loans:
A. Fiscal 2021 does not include $7.8b in revenue transfers and loans to the General Fund or $0.7b in cost recoveries from COVID-19 and wildfires.
B. Fiscal 2022 estimate adopted in the 2021 Budget Act does not include $6.3b in revenue transfers and loans from the General Fund or $4.4b in cost recoveries from COVID-19 and wildfires.
C. Fiscal 2022 does not include $4.2b in revenue transfers and loans to the General Fund or $1.1b in cost recoveries from COVID-19 and wildfires.
D. Fiscal 2023 does not include an expected $3.3b in revenue transfers and loans from the General Fund or $6.7b in cost recoveries from COVID-19 and wildfires.

FY 2021 Actual: “All Other General Fund Revenue” and the “Total GF Revenue” include Federal Grant revenue of $1,496.3 million. Without accounting for Federal Grant Revenue, “All Other General Fund Revenue” would equate to $2,109.7 million and “Total GF Revenue” would equate to $19,035.1 million. Federal Grants figures do not include any Coronavirus Relief Fund dollars or Coronavirus State and Local Fiscal Recovery Fund dollars.

FY 2022 Preliminary Actual: “All Other General Fund Revenue” and the “Total GF Revenue” include Federal Grant revenue of $1,936.0 million. Without accounting for Federal Grant Revenue, “All Other General Fund Revenue” would equate to $1,139.2 million and “Total GF Revenue” would equate to $20,059.8 million. Federal Grants figures do not include any Coronavirus Relief Fund dollars or Coronavirus State and Local Fiscal Recovery Fund dollars.

FY 2023 Enacted Budget: “All Other General Fund Revenue” and the “Total GF Revenue” include Federal Grant revenue of $2,059.0 million. Without accounting for Federal Grant Revenue, “All Other General Fund Revenue” would equate to $1,896.3 million and “Total GF Revenue” would equate to $20,329.2 million. Federal Grants figures do not include any Coronavirus Relief Fund dollars or Coronavirus State and Local Fiscal Recovery Fund dollars.

Amounts are limited to state revenues from taxes, licensees and fees while total revenues in Tables 3-5 also include state revenues from various reimbursements, reversions, transfers and settlement agreements.  

Fiscal 2021 all other general fund revenue includes working capital loan and transfer (reported as revenue adjustments in Table 3). Fiscal 2023 all other general fund revenues were adjusted to add $100M estimated FEMA reimbursement and minus $388.4M statutorily required tax refund. 

The State of Maryland revenue forecast for FY 2022 includes -$80 million for revenue volatility, and the FY 2023 forecast includes -$100 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.” 

 Preliminary Actual Fiscal 2022 Revenue is actual revenue collected at the end of lapse period ending 8/31/2022. 

Modified Business Tax – On May 13, 2021, the Nevada Supreme Court upheld a First Judicial District Court ruling that certain actions taken by the Legislature in Senate Bill 551 (2019) were unconstitutional, as that legislation was approved without the two-thirds majority in each house required in Article 4, Section 18 of the Nevada Constitution. As a result, the rate for the Modified Business Tax – Nonfinancial (MBT-NFI) was reduced to the amount determined by the Department of Taxation on or before September 30, 2018 (from 1.475% to 1.378% for all taxable wages in excess of $50,000 per calendar quarter), effective April 1, 2021, and the rate for the Modified Business Tax – Financial (MBT-FI) and Modified Business Tax – Mining (MBT-MINING) was reduced to the amount determined by the Department of Taxation on or before September 30, 2018 (from 2% to 1.853% for all taxable wages), effective April 1, 2021. The court ruling additionally requires the Department of Taxation to issue refunds for all MBT that was collected at the higher rate, between July 1, 2019, and March 31, 2021, based on the difference between the rate approved in S.B. 551 and the reduced rate determined by the Department, as well as interest on the excess amount collected. Rate reduction/refunds/interest impact on the General Fund was $75.6 million in FY 2021. 

Revenue figures here exclude federal COVID-19 aid deposited into the general fund. 

Corporate Income Tax: Ohio doesn’t have a corporate income tax and instead has a commercial activities tax (CAT). 

All Other General Fund Revenue for FY 2022 includes federal ARPA SLFRF revenue replacement funds ($3,841 million).

Fiscal 2022 represent preliminary actual collections as of July 2022. 

Revenue information excludes transfers. 

Total revenue figures reported here are before transfers and other adjustments. 

Wisconsin has a Biennial Budget. Fiscal 2023 figures here reflect estimates at time of enactment.