Wage, Earnings and Net Profits Taxes Increase in Second Month of FY2021

The City collected approximately $232.7 million in General Fund tax revenue in August of FY2021, compared to $214.7 million in August FY2020, an increase of approximately $18.0 million, or 8.4 percent. The City portion of the wage, earnings, and net profits taxes increased by $19.0 million, or 16.5 percent after decreasing in the first month of the fiscal year. Table 1 also shows an increase in business income and receipts (“BIRT”) tax collections of $18.0 million, or 206.8 percent over FY2020, the likely result of FY2020 remittances occurring up to this year’s extended deadline (after FY2020 had ended). Finally, the real estate tax also increased slightly, by $1.8 million, or 19.0 percent.

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