Corporate taxes are at 9.8% of their monthly target. While retail sales refunds so far have exceeded tax payments, personal income tax receipts are already at 13.3% of their monthly goal. The heavy inflows of personal tax payments should come around the middle of the month.
Nearly two-thirds of every dollar deposited in the General Fund comes from the Personal Income Tax (PIT). Individuals pay the bulk of this tax, but certain partnerships and closely held companies may also opt into the income tax system. These partnerships and S-corporations account for less than 10 percent of the total PIT collections.