State Tax Collections Soared Back To Pre-Pandemic Levels In The Past Year … The stunning rebound in general treasury tax revenue was driven by increased state income tax collections.
The state general treasury collected a startling $7.2 billion in taxes in the year ending June 30, which represents a striking rebound in government finances that defied the expectations of the governor, lawmakers and the economic experts.
To give an idea of how rapidly tax collections bounced back in the last six months, Gov. David Ige had predicted in his submittal to the Legislature just last December that collections would plummet to about $5.96 billion in the year ending June 30. He wasn’t even close.
Ige also projected annual state general fund tax collections would remain stuck below $7 billion for the next two years. In fact, they had already topped that mark by the end of last month.
