Corporate taxes push Florida revenue above forecast

Florida collected $5.26 billion in net general revenue in June, 5.7% above expectations, as corporate income tax receipts helped offset weaker-than-projected sales tax collections. Revenue exceeded the state’s January forecast by $284.1 million, according to the Legislature’s Office of Economic & Demographic Research. Corporate income tax receipts totaled $1.24 billion, $325.2 million above projections. Sales tax collections, the state’s largest revenue source, totaled $3.14 billion, $22.5 million below forecast. Revenue tied to tourism exceeded projections by 3.2%, while documentary stamp tax collections on real estate transactions were 5.7% higher than expected.