- Florida’s June revenue surpassed projections by $284.1 million despite falling sales tax receipts.
- Corporate income tax collections drove the state’s surplus with $1.24 billion in total receipts.
- New state laws decouple from federal deductions, increasing the effective tax burden for many corporations.
Florida collected $5.26 billion in net general revenue during June 2026, exceeding the January forecast reset by $284.1 million, as Corporate Income Tax Receipts drove the state’s monthly surplus.
The corporate income tax category brought in $1.24 billion, or $325.2 million above projections, according to a monthly report from the Florida Legislature’s Office of Economic & Demographic Research. The report was released August 5, 2026.
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The state had projected $4.98 billion in net collections. The June result came in 5.7% higher than that estimate.
Sales taxes moved in the opposite direction. Collections reached $3.14 billion, $22.5 million below forecast. Investment earnings totaled $117.8 million, missing expectations by $1.9 million.
Amy Baker, the agency’s coordinator, has described corporate income tax as one of the most volatile and difficult state revenue categories to forecast. Global trade conditions and federal policy changes have added uncertainty.
"On corporate income tax, which was one of our biggest adjustments, we don't know who's going to end up paying the cost of tariffs. that added a lot of uncertainty on what to do with corporate income tax receipts going forward into the forecast."
Baker made the statement earlier in the 2026 fiscal year while discussing the state’s revenue forecast.
Real estate and tourism beat estimates while several fees fell short
Several smaller categories also helped the monthly total. Documentary stamp tax collections ran 5.7% above expectations, helped by real estate transaction volume, while tourism-related revenue rose 3.2%.
Other categories missed their targets by wider margins.
| Revenue category | June result against forecast |
|---|---|
| Net general revenue | $284.1 million above projection |
| Corporate income tax | $325.2 million above projection |
| Sales tax | $22.5 million below forecast |
| Investment earnings | $1.9 million below forecast |
| Documentary stamp tax | 5.7% above expectations |
| Tourism-related revenue | 3.2% above expectations |
| Beverage taxes | 55.6% below projection |
| Highway safety fees | 7.7% below estimate |
| Insurance taxes | 5.5% below forecast |
| Automobile sales revenue | 1.7% below forecast |
The mix left the state relying more heavily on corporate payments than on its largest consumer-linked revenue stream for the month.
Florida separated its corporate tax rules from some federal deductions
Gov. Ron DeSantis signed HB 7031 on June 11, 2026. The annual Internal Revenue Code conformity bill generally aligns Florida’s corporate tax code with federal standards as of January 1, 2026, while decoupling from several federal deductions.
Florida did not adopt federal rules for 100% bonus depreciation or Research & Experimental cost amortization under the One Big Beautiful Bill Act, enacted in July 2025. Businesses must spread those deductions over seven years instead of claiming them immediately for state purposes.
That treatment gives corporations doing business in Florida higher effective tax bills. Companies must recompute their federal taxable income for state purposes using Form F-1120.
The Florida Department of Revenue administers tax collections. Its executive director, Jim Zingale, discussed a separate tax-relief measure in a July 22, 2026, statement about the Back-to-School Sales Tax Holiday.
"The Back-to-School Sales Tax Holiday eases some of the financial burden of preparing students to start the 2026-27 school year. With qualifying school supplies, clothing, and computers exempt from sales tax, students from pre-kindergarten to college can benefit."
The holiday exempts qualifying school supplies, clothing, and computers from sales tax.
State reserves remain high as local governments lose a tax source
Florida’s fiscal position includes a $15.7 billion reserve and a AAA credit rating. The June figures also showed weaker performance in several categories tied to consumer activity, transportation, insurance, and vehicle purchases.
A new law effective July 1, 2026, repealed local governments’ authority to levy a local business tax under Chapter 205, F.S. The change is projected to create a recurring $188.6 million reduction in county and municipal revenue beginning in the 2026-27 fiscal year.
Former House Speaker Paul Renner, a 2026 gubernatorial candidate, has proposed using state surpluses for additional property-tax reductions through what he calls the “Renner Rollback.”
The state’s revenue strength is therefore unfolding alongside a projected loss for local governments. The two changes affect different levels of government.
Revenue officials will reset the long-term forecast August 14
The Revenue Estimating Conference is scheduled to meet on August 14, 2026, to reassess the long-term outlook using the June collections and recent tax-law changes.
Its principals are Amy Baker of the research office, Vince Aldridge of the House, Azhar Khan of the Senate, and Alexandra LaTorre of the Governor’s Office.
The meeting will test whether the corporate tax gain changes Florida’s longer-term revenue assumptions. Baker has already warned that tariffs and federal policy shifts make that category difficult to project.
