General Fund Revenue Report - March 2025

By Adrian Buckner - Budget Analyst , Gueorgui Tochev - Senior Budget Analyst | 25 days ago

General Fund revenues in March were $70 million, or 1.1% higher than expected. For the year-to-date, General Fund revenues are $34.3 million or 0.1% below estimate.

Overall, Personal Income Tax (PIT) collections were higher for the month by $44.9 million, or 2.8%. As a component of PIT, withholding payments finished the month at $31.5 million, or 2.4% lower than estimate and non-withholding payments were $76.5 million, or 27.8% above expected. For the year-to-date, PIT collections are $95.9 million or 0.8% below expectations.

Sales and Use Tax (SUT) collections were $36.5 million below estimate for the month, resulting in year-to-date SUT collections of $18.8 million or 0.2% higher than estimate.

Corporate Net Income Tax (CNIT) collections were $38.6 million, or 6.1% higher than projected in March. Combined year-to-date CNIT revenue is lower than projections by $28.5 million, or 0.8%.

Inheritance Tax revenue was $3.8 million, or 2.4% less than expected for the month, putting year-to-date collections at $17.2 million or 1.4% ahead of estimate. Lastly, Nontax revenue was $11.8 million, or 5.2% lower than the estimate. For the year-to-date, Nontax revenue is $12.6 million, or 1.5% lower than expected.