General Fund Revenue Report - January 2026
By Adrian Buckner , Budget Analyst | 5 days ago
General Fund Revenue continues to remain ahead of projections. Fiscal year-to-date, General Fund revenues were $25.45, $416.6 million (1.7%) above estimate. January’s General Fund collections were $3.93 billion, $177.9 million (4.7%) above estimate, driven primarily by outperformance in Personal Income Tax (PIT), non-tax, and inheritance tax receipts.
Year-to-date, PIT collections are $10.3 billion, $173.5 million (1.7%) above estimate. PIT receipts in January exceeded the estimate by $87 million (4.9%) for a total of $1.84 billion. The period’s outperformance was led by non-withholding collections which were above estimate by $58.7 million (9.3%) with withholding collections at $28.3 million (2.5%) above estimate. Inheritance Tax revenue was $183.7 million, $55.2 million (43%) higher than expected for January. Inheritance Tax collections are $1.05 billion year-to-date, which is $64.6 million (6.5%) ahead of estimate. Lastly, Nontax revenue collections for January were $100.1 million, $48.9 million (95.52%) higher than the estimate. Year-to-date, Nontax revenue is $1.1 billion, which exceeds the estimate by $47.8 million (4.4%).
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Sales and Use Tax (SUT) and Corporate Net Income Tax (CNIT) both underperformed January’s estimate. SUT collections totaled $1.38 billion for the month, falling $5.1 million (0.4%) short of projections; however, year-to-date SUT collections remain $40.2 million (0.4%) ahead of the revenue estimate at $9.138 billion.
In contrast, CNIT collections lagged estimates for both the month and the fiscal year. January CNIT receipts were $124.0 million, which was $57.2 million (31.5%) below expectations. Consequently, year-to-date CNIT revenue lags the estimate by $10 million, with collections totaling $2.31 billion.
| 2025/26 General Fund Revenues |
| ($ amounts in millions) |
| |
January Revenues |
Year-to-Date Revenues |
| |
Month Estimate |
Month Revenues |
$ Chng |
% Chng |
YTD Estimate |
YTD Revenues |
$ Chng |
% Chng |
| General Fund Total |
$3,757.0 |
$3,934.9 |
$177.9 |
4.7% |
$25,033.6 |
$25,450.2 |
$416.6 |
1.7% |
| Tax Revenue |
$3,705.8 |
$3,834.8 |
$129.0 |
3.5% |
$23,943.9 |
$24,312.7 |
$368.8 |
1.5% |
| Corporation Taxes: |
| Corporate Net Income Tax |
$181.2 |
$124.0 |
($57.2) |
-31.5% |
$2,326.3 |
$2,316.3 |
($10.0) |
-0.4% |
| Gross Receipts Tax |
$5.3 |
$1.3 |
($4.0) |
-75.4% |
$21.3 |
$14.7 |
($6.6) |
-30.8% |
| Public Utility Realty Tax |
$0.0 |
$0.0 |
$0.0 |
0.0% |
$5.9 |
$5.7 |
($0.2) |
-3.5% |
| Insurance Premiums Taxes |
$66.6 |
$100.3 |
$33.7 |
50.6% |
$74.8 |
$121.7 |
$46.9 |
62.7% |
| Financial Institution Taxes |
$1.3 |
$3.1 |
$1.8 |
135.7% |
$23.2 |
$25.0 |
$1.8 |
7.7% |
| Consumption Taxes: |
| Sales and Use Tax |
$1,393.6 |
$1,388.5 |
($5.1) |
-0.4% |
$9,098.4 |
$9,138.6 |
$40.2 |
0.4% |
| Cigarette Tax |
$27.2 |
$28.0 |
$0.8 |
2.9% |
$360.4 |
$366.0 |
$5.6 |
1.5% |
| Other Tobacco Products Tax |
$10.5 |
$12.4 |
$1.9 |
18.1% |
$80.0 |
$83.4 |
$3.4 |
4.2% |
| Malt Beverage Tax |
$1.4 |
$1.4 |
($0.0) |
-3.5% |
$11.2 |
$11.2 |
$0.0 |
0.2% |
| Liquor Tax |
$30.4 |
$31.0 |
$0.6 |
2.0% |
$268.1 |
$267.2 |
($0.9) |
-0.3% |
| Other Taxes: |
| Personal Income Tax |
$1,757.8 |
$1,844.8 |
$87.0 |
4.9% |
$10,121.3 |
$10,294.8 |
$173.5 |
1.7% |
| Realty Transfer Tax |
$57.7 |
$59.4 |
$1.7 |
2.9% |
$349.7 |
$363.9 |
$14.2 |
4.1% |
| Inheritance Tax |
$128.5 |
$183.7 |
$55.2 |
43.0% |
$991.6 |
$1,056.2 |
$64.6 |
6.5% |
| Gaming Taxes |
$42.0 |
$55.8 |
$13.8 |
32.9% |
$243.2 |
$275.3 |
$32.1 |
13.2% |
| Minor and Repealed |
$2.3 |
$1.1 |
($1.2) |
-50.3% |
($31.5) |
($27.4) |
$4.1 |
13.0% |
| Non-Tax Revenue |
$51.2 |
$100.1 |
$48.9 |
95.5% |
$1,089.7 |
$1,137.5 |
$47.8 |
4.4% |