Data Indicate COVID-19 Impact on State Revenue Not as Severe as Feared

Looking at the Big Three revenue sources, the net COVID-19-related loss in the individual income tax was just less than 1% of the total General Funds receipts for that source, much less than forecast. Sales tax losses were also less than expected, at 3.4% of total General Funds sales tax receipts. The corporate income tax is one source where revenue losses were of a size forecast in early 2020. The $345 million loss in that revenue source is more than 16% of total General Funds corporate income tax receipts.