General Fund Revenue Report - May 2025

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

General Fund revenues in May were $66.4 million, or 2% lower than expected. For the year-to-date, General Fund revenues are $262.4 million or 0.6% higher than estimate.

Overall, Personal Income Tax (PIT) collections were lower for the month by $35.1 million, or 2.8%. As a component of PIT, withholding payments finished the month at $44.4 million, or 4% lower than estimate and non-withholding payments were $9.2 million, or 6.8% higher than expected. For the year-to-date, PIT collections are $155.9 million or 0.9% above expectations.

Sales and Use Tax (SUT) collections were $45.5 million over estimate for the month, resulting in year-to-date SUT collections of $149.1 million or 1.1% higher than estimate.

Corporate Net Income Tax (CNIT) collections were $87.6 million, or 25.5% lower than projected in May. Combined year-to-date CNIT revenue is lower than projections by $174.1 million, or 3.9%.

Inheritance Tax revenue was $7.1 million, or 4.7% higher than expected for the month, putting year-to-date collections at $25.9 million or 1.6% ahead of the estimate. Lastly, Nontax revenue was $1.3 million, or 1.7% lower than the estimate. For the year-to-date, Nontax revenue is $30.5 million, or 2.3% over the estimate.