General Fund Revenue Report - July 2024

By Gueorgui Tochev , Senior Budget Analyst | 3 months ago

The commonwealth collected $2.9 billion in General Fund revenues in July, a 3.8% increase over the same month last year.

The official revenue estimate for 2024/25 has not yet been certified. Revenues continue to be collected and once the official estimate is certified, the Department of Revenue will prepare a monthly revenue distribution.

Overall, monthly tax revenue for the General Fund was 4.6% higher than last year. Corporate net income tax revenue for the month totaled $212.3 million, or $30.4 million more than last July. Sales and use tax revenues were $1.29 billion, or $26.9 million lower year-over-year, while the personal income tax brought in $1.1 billion for July 2024, or $137.2 million above last year.

For other tax types:

• Financial institutions taxes – July 2024 revenues were $8.6 million, or $3.8 million higher than 2023.
• Inheritance tax – July 2024 revenues were $128.6 million, or $0.7 million more than 2023.
• Total nontax revenue – July 2024 revenues were $80.1 million, or $18.5 million less than 2023.
• Cigarette tax – July 2024 revenues were $5.7 million, or $9.4 million lower than 2023.