December Tax Collections Increase by 21% Over Last Year
Year-to-Date Collections Ahead of Last Year by 10%
The City collected approximately $252.0 million in General Fund tax revenue in December of FY2020, compared to $208.7 million in December FY2019, an increase of approximately $43.3 million, or 20.8 percent, according to preliminary figures. Every major City tax type saw increases in December, as shown in Table 1, with the double-digit increase driven by strong increases in the City portion of the wage, earnings, and net profits ($7.4 million, or 6.2 percent), business income and receipts (“BIRT;” $18.0 million, or 140.3 percent), and realty transfer ($3.8 million, or 14.5 percent) taxes, compared to December of last year. Additionally, the City sales tax increased by $1.1 million, the amusement tax by $1.2 million, and the beverage tax by $1.4 million—or 8.3 percent, 114.8 percent, and 25.3 percent, respectively.
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