August Wage, Earnings, & Net Profits Taxes Up Five Percent Over Last Year

Increase in Collections Continues in Fiscal Year 2019

The City collected approximately $211 million in General Fund tax revenue in the second month of FY2019, compared to $203.5 million in August of last year, according to preliminary figures. After a strong year of collections in FY2018, increased collections continued for the second consecutive month to begin FY2019, with the City portion of the wage, earnings, and net profits taxes increasing by 4.9 percent in August. As illustrated in the figure below, most major taxes also saw increases in collections, with the real estate and realty transfer taxes continuing their strong growth. The only major tax categories to decrease were the business income and receipts (BIRT), City sales, and beverage taxes, while the parking and “other miscellaneous taxes” also decreased slightly. However, these decreases were more than offset by increases in the aforementioned tax categories, and the City realized overall increases in both August and year-to-date collections.

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