May tax receipts exceeded estimates by $65.9 million, or 12.7 percent, buoyed by one-time revenue attributed to taxpayers who accelerated income in advance of federal tax increases enacted earlier this year. Individual income receipts were $58.9 million, or 23.2 percent, more than anticipated for the
month. The increase over the estimate was due in part to larger balance due payments for 2012 income taxes, which were processed in late April and early May following the annual tax filing deadline.

“It is important to be cautious when looking at these numbers because federal tax hikes proposed at the end of last year and passed in January likely influenced taxpayer behavior as people worked to ensure that income would be taxed at 2012 rates,” said Revenue Secretary Nick Jordan. “We have reaped the benefit of that at the state level in April and May, and now we expect things to return to more normal levels.”

With one month remaining in fiscal year 2013, tax revenues year-to-date are above estimates 1.1 percent.