Sales Tax Collections Grow
Sales tax collections continue on a strong growth trend, exceeding the official legislative forecast by over 17% through September 2022. The growth in sales and use tax is an important measure of economic activity in the state, but is also driven higher by the rising price of taxable goods and services. Fiscal year 2022 sales tax collections grew by over 14% and 2023 is on pace for growth of 9%. However, as the outlook for inflation assumes a return by 2025 to a more normal rate of around 2%, the outlook for sales tax also slows to a similar rate of growth by the end of the 2023-25 biennium.
Click here for a printable version of the revenues compared to the legislative forecast.
Click here for a printable version of the revenues compared to the previous biennium.
Comments or questions? Contact Joe Morrissette, Office of Management and Budget Director.