General Fund Revenue Report - February 2025

By Gueorgui Tochev , Senior Budget Analyst | 9 days ago

General Fund revenues in February were $44 million, or 1.6% higher than expected. For the year-to-date, General Fund revenues are $104.3 million or 0.4% below estimate.

Overall, Personal Income Tax (PIT) collections were higher for the month by $10.4 million, or 0.9%. As a component of PIT, withholding payments finished the month $6.6 million, or 0.6% lower than estimate and non-withholding payments were $16.9 million, or 19.2% above expected. For the year-to-date, PIT collections are $140.9 million or 1.3% below expectations.

Sales and Use Tax (SUT) collections were $33.5 million above estimate for the month, resulting in year-to-date SUT collections of $55.2 million or 0.6% higher than estimate.

Corporate Net Income Tax (CNIT) collections were $20.5 million, or 15.8% lower than projected in February. Combined year-to-date CNIT revenue is lower than projections by $67 million, or 2.3%.

Inheritance Tax revenue was $17.9 million, or 12.7% above expected for the month, putting year-to-date collections at $21 million or 1.9% ahead of estimate. Lastly, Nontax revenue was $2.4 million, or 4.7% higher than estimate. For the year-to-date, Nontax revenue is $0.8 million, or 0.1% lower than expected.