Net general fund revenues totaled $3.306 billion in May, $1.796 billion (119.0 percent) more than projected. Net receipts from individual income, sales, and corporate taxes for the month exceeded the forecast, while other revenues matched the forecast. Normally, most tax year 2020 individual income tax payments would have been made in April, however, this year taxpayers were allowed to delay final and extension payments until May 17. The filing delay contributed to the income tax variance for the month of May. For fiscal year 2021, year to date receipts are now $23.113 billion, $2.170 billion (10.4 percent) more than projected.

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Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.