General Fund Revenue Report - August 2025

By Adrian Buckner - Budget Analyst , Gueorgui Tochev - Senior Budget Analyst | one month ago

The commonwealth collected $2.96 billion in General Fund revenues in August, a 1% increase over August of 2024. Year-to-date, General Fund revenues were $75.8 million or 1.3% higher than last August.

The official revenue estimate for FY 2025/26 has not been certified since the budget has not been enacted.⁽¹⁾ Revenues continue to be collected and once the official estimate is certified, the Department of Revenue will prepare a monthly revenue projection.

Overall, monthly tax revenue for the General Fund was 1.4% higher than last year. Corporate net income tax (CNIT) revenues for the month totaled $86 million, or $24.8 million less than August of 2024. Sales and use tax (SUT) revenues were $1.27 billion, or $67.1 million higher year-over-year. Similarly, personal income tax (PIT) brought in $1.15 billion for August of 2025, or $59.5 million above last year.

For other tax types:

• Financial institutions taxes:
  • August 2025 revenues were $1 million, which was about $50,000 less than August of 2024
• Inheritance tax:
  • August 2025 revenues were $138.8 million, or $46.2 million less than August of 2024
• Cigarette tax:
  • August 2025 net revenues were $67.9 million, or $5.3 million lower than August of 2024
    • Total nontax revenue:
  • August 2025 revenues were $90.9 million, or $9.9 million less than August of 2024