April Tax Collections Exceed Last Year’s
The City collected approximately $513.3 million in General Fund tax revenue in April of FY2021, compared to $287.5 million in April FY2020, an increase of approximately $225.7 million, or 78.5%. The considerable total monthly increase was driven by increases of $102.6 million increase in the real estate and $127.9 million in the business income and receipts (“BIRT”) taxes. The primary driver for the significant increases is that the deadlines for remitting both taxes were extended to July last year due to the pandemic. Therefore, affecting comparability in month-over-month collections to prior years. For fiscal year 2021, the City followed the IRS lead and has delayed the remitting of the BIRT, and Net Profit taxes till May 17, 2021.
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