According to a report issued this week by the Florida Legislature Bureau of Economic and Demographic Researchthe state had $3.23 billion in net general revenue for the month of October.
This tops the economists’ August prediction by a remarkable $141.4 million.
According to the report, that number would have been even higher were it not for Hurricane Ian, a Category 4 storm that made landfall on September 28 and devastated parts of southwestern Florida. Stole. The Myers and Sanibel Island areas were particularly hard hit.
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Specifically, the Bureau of Economic and Demographic Research noted: “At least $67 million was lost due to the crisis within hurricane-affected areas and the general decline in sales activity elsewhere, with another $16 million likely delayed.” by the Department of Revenue’s emergency order to delay the due date (of taxes) in six of the hardest-hit counties.”
This isn’t the first time economists have gotten their tax revenue predictions wrong recently. In September, the Sunshine State’s general revenue collection was $471.2 million more than projected.
And, in a report published on Wednesday, December 28, it was estimated that the general income tax collection was also 14.1% higher than the projected rate for November.
He Tampa Bay Times recently reported on a statement made by Florida Governor, and rumored Republican presidential hopeful Ron DeSantis last month.
“When COVID hit, they said, ‘Oh my gosh, it’s going to be a disaster. Then they realize, okay, after a few months of this, people are actually coming to Florida because we were, you know, open,” DeSantis said, “and we saw things really take off. And we’re always generating more revenue than they were projecting for the budget forecast. Finally in August they revised it (projections) upwards”.
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It is worth noting that high inflation has increased sales tax collections due to higher prices for goods and services.
Also, despite increased spending, Floridians are depleting their personal savings. The savings rate stood at 2.3% in October 2022, down from the peak of 33.7% in April 2020, when stimulus checks started arriving in accounts.
What do you think about Florida’s general income tax collection?
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