General Fund Revenue Report - November 2024

By Gueorgui Tochev , Senior Budget Analyst | 20 days ago

General Fund revenues in November were $87.2 million or 2.9% lower than expected. For the year-to-date, General Fund revenues are $9.8 million or 0.1% below estimate.

Overall Personal Income Tax (PIT) collections lagged for the month by $41.2 million or 3.6%. As a component of PIT, withholding payments finished the month $31.8 million or 3% lower than estimate and non-withholding payments were $9.4 million or 15.5% less than expected. For the year-to-date, PIT collections are $63 million or 1% below expectations.

Sales and Use Tax (SUT) collections were $13.8 million over estimate for the month, resulting in year-to-date SUT collections of $25.7 million or 0.4% higher than estimate.

Corporate Net Income Tax (CNIT) collections were $55.7 million or 23.4% less than projected in November. Combined year-to-date CNIT revenue is lower than projections by $77.8 million or 4.5%.

Inheritance Tax revenue was $6.6 million or 5.5% higher than expected for the month, putting year-to-date collections at $36.7 million or 5.5% ahead of estimate. Lastly, Nontax revenue was $19.5 million or 12.4% below estimate. For the year-to-date, Nontax revenue is $43.8 million or 9.5% higher than expected.