General Fund Revenue Report - September 2025
By Adrian Buckner - Budget Analyst , Gueorgui Tochev - Senior Budget Analyst | 26 days ago
The commonwealth collected $4.05 billion in General Fund revenues in September, a 2.5% decrease over September of 2024. For the year-to-date, General Fund revenues were $27.1 million or 0.3% lower than last September.
The official revenue estimate for FY 2025/26 has not yet been certified since the budget has yet to be finally enacted. Revenues continue to be collected and once the official estimate is certified, the Department of Revenue will prepare a monthly revenue projection.
Overall, monthly tax revenue for the General Fund was 1.2% lower than last year. Corporate net income tax (CNIT) revenues for the month totaled $687.4 million, or $284 million less than September of 2024. Sales and use tax (SUT) revenues were $1.23 billion, or $66.8 million higher year-over-year. Similarly, personal income tax (PIT) brought in $1.73 billion for September of 2025, or $127 million above last year.
For other tax types:
- Financial institutions taxes:
- September 2025 revenues were $10.1 million, which was about $2.1 less than September of 2024
- Inheritance tax:
- September 2025 revenues were $157.1 million, or $31.7 million higher than September of 2024
- Cigarette tax:
- September 2025 net revenues were $64.8 million, or $6 million lower than September of 2024
- Total nontax revenue:
- September 2025 revenues were $22.2 million, or $53.1 million less than September of 2024
| General Fund Revenue Comparison |
| September 2025 vs. September 2024 |
| ($ amounts in millions) |
| |
Month-to-Month Comparison |
Year-to-Date Comparison |
| Tax Type |
Sep-2024 |
Sep-2025 |
$ Chng |
% Chng |
Sep-2024 YTD |
Sep-2025 YTD |
$ Chng |
% Chng |
| General Fund Total |
$ 4,161.5 |
$ 4,058.7 |
$ (102.9) |
-2.5% |
$ 10,085.2 |
$ 10,058.1 |
$ (27.1) |
-0.3% |
| Corporation Taxes: |
| Corporate Net Income |
$ 971.4 |
$ 687.4 |
$ (284.0) |
-29.2% |
$ 1,294.5 |
$ 915.0 |
$ (379.5) |
-29.3% |
| Gross Receipts |
$ 7.6 |
$ 1.2 |
$ (6.5) |
-84.8% |
$ 7.8 |
$ 6.3 |
$ (1.6) |
-19.9% |
| Utility Property |
$ 1.3 |
$ 4.5 |
$ 3.1 |
238.2% |
$ 2.4 |
$ 5.1 |
$ 2.7 |
111.6% |
| Insurance Premium |
$ 0.6 |
$ 0.6 |
$ (0.0) |
-2.5% |
$ 0.1 |
$ 4.6 |
$ 4.5 |
4546.8% |
| Financial Institutions |
$ 12.2 |
$ 10.1 |
$ (2.1) |
-17.4% |
$ 22.0 |
$ 13.6 |
$ (8.3) |
-37.9% |
| Consumption Taxes: |
| Sales and Use |
$ 1,170.0 |
$ 1,236.9 |
$ 66.8 |
5.7% |
$ 3,667.1 |
$ 3,875.0 |
$ 207.9 |
5.7% |
| Cigarette |
$ 70.8 |
$ 64.8 |
$ (6.0) |
-8.4% |
$ 149.8 |
$ 125.9 |
$ (23.9) |
-16.0% |
| Other Tobacco Products |
$ 12.3 |
$ 11.2 |
$ (1.1) |
-8.9% |
$ 36.6 |
$ 33.9 |
$ (2.7) |
-7.5% |
| Malt Beverage |
$ 1.9 |
$ 1.6 |
$ (0.3) |
-13.4% |
$ 5.4 |
$ 5.0 |
$ (0.4) |
-7.7% |
| Liquor |
$ 33.9 |
$ 34.2 |
$ 0.3 |
0.8% |
$ 106.3 |
$ 106.3 |
$ 0.0 |
0.0% |
| Other Taxes: |
| Personal Income |
$ 1,607.3 |
$ 1,734.4 |
$ 127.0 |
7.9% |
$ 3,899.4 |
$ 4,179.7 |
$ 280.3 |
7.2% |
| Realty Transfer |
$ 53.1 |
$ 72.4 |
$ 19.3 |
36.4% |
$ 116.0 |
$ 112.4 |
$ (3.6) |
-3.1% |
| Inheritance |
$ 125.4 |
$ 157.1 |
$ 31.7 |
25.3% |
$ 439.0 |
$ 444.4 |
$ 5.4 |
1.2% |
| Minor and Repealed |
$ (11.5) |
$ (11.3) |
$ 0.2 |
-1.6% |
$ (5.2) |
$ (5.6) |
$ (0.4) |
8.4% |
| Gaming |
$ 29.8 |
$ 31.5 |
$ 1.7 |
5.8% |
$ 87.6 |
$ 91.4 |
$ 3.8 |
4.3% |
| Nontax Revenue Total |
$ 75.3 |
$ 22.2 |
$ (53.1) |
-70.6% |
$ 256.3 |
$ 145.1 |
$ (111.2) |
-43.4% |