General Fund Revenue Report - September 2024

By Gueorgui Tochev , Senior Budget Analyst | one month ago

General Fund revenues in September were $33.7 million or 0.8% lower than expected. For the year-to-date, General Fund revenues are $20.2 million or 0.2% above estimate. Overall Personal Income Tax (PIT) collections underperformed for the month by $34.7 million or 2.1%. As a component of PIT, withholding payments finished the month $14.2 million or 1.4% lower than estimate and non-withholding payments were $20.4 million or 3.3% less than expected. For the year-to-date, PIT collections are $55 million or 1.4% under expectations.

Sales and Use Tax (SUT) collections were $15.9 million below estimate for the month, resulting in year-to-date SUT collections of $10.3 million or 0.3% under estimate.

Corporate Net Income Tax (CNIT) collections were $25.1 million or 2.7% higher than projected in September. Combined year-to-date CNIT revenue is higher than projections by $13.5 million or 1.1%.

Inheritance Tax revenue was $12.7 million or 9.2% lower than expected for the month, putting year-to-date collections $32 million or 7.9% ahead of estimate. Similarly, Nontax revenue was also $0.1 million or 0.1% above estimate. For the year-to-date, Nontax revenue is $26.3 million or 11.4% higher than expected.