Florida tax collections exceed projections in October

Florida’s general-revenue tax collections outperformed expectations in October, with the state bringing in about $3.767 billion, or $171.8 million more than projected, according to the Legislature’s Office of Economic & Demographic Research. Sales taxes, the largest component of general revenue, exceeded forecasts by $125.3 million and totaled nearly $2.956 billion for the month. Earnings on investments also surpassed estimates, reaching $148.6 million, while corporate income taxes came in $19.5 million below projections at $180.5 million. General revenue is a key funding source for education, health and prison programs. The Revenue Estimating Conference will meet Jan. 23 to update projections that will guide development of the 2026-27 state budget.