General Fund Revenues - March 2026
By Adrian Buckner , Budget Analyst | 1 day ago
General Fund revenue continues to remain ahead of projections. Fiscal year-to-date, General Fund revenues were $34.9 billion, $473.8 million (1.4%) above estimate. March’s General Fund collections were $6.5 billion, $91.9 million (1.4%) above estimate, driven primarily by overperformance in Corporate (Gross Receipts and Financial Institutions) and Consumption (Sales and Use) tax receipts.
Year-to-date, Personal Income Tax (PIT) collections are $13.3 billion, $210.7 million (1.6%) above estimate. PIT receipts in March exceeded the estimate by $24.1 million (1.4%) for a total of $1.69 billion. The period’s outperformance was led by withholding collections which were above estimated by $18.69 million (1.4%) with year-to-date withholding collections at $44.9 million (0.4%) above estimate. Inheritance Tax revenue was $180.27 million, $14.87 million (9%) higher than expected for March. Inheritance Tax collections are $1.36 billion year-to-date, which is $73.28 million (5.7%) ahead of estimate. Lastly, Nontax revenue collections for March were $155.78 million, $56.1 million (26.5%) lower than the estimate. Year-to-date, Nontax revenue is $1.3 billion, which exceeds the estimate by $2.27 million (0.2%).
Sales and Use Tax (SUT) overperformed March’s estimate. SUT collections totaled $1.19 billion for the month, exceeding projections by $42.3 million (3.7%) and year-to-date SUT collections remain $57.06 million (0.5%) ahead of the revenue estimate at $11.4 billion.
Additionally, CNIT collections overperformed estimates for the month and the year-to-date. March CNIT receipts were $661.0 million, which was $20.8 million (3.3%) above expectations. Consequently, year-to-date CNIT revenue overperformed estimates by $29.7 million, with collections totaling $3.08 billion.
| 2025/26 General Fund Revenues |
| ($ amounts in millions) |
| |
March Revenues |
Year-to-Date Revenues |
| |
Month Estimate |
Month Revenues |
$ Chng |
% Chng |
YTD Estimate |
YTD Revenues |
$ Chng |
% Chng |
| General Fund Total |
$6,433.0 |
$6,524.9 |
$91.9 |
1.4% |
$34,464.6 |
$34,938.4 |
$473.8 |
1.4% |
| Tax Revenue |
$6,221.1 |
$6,369.2 |
$148.1 |
2.4% |
$33,128.7 |
$33,600.2 |
$471.5 |
1.4% |
| Corporation Taxes: |
| Corporate Net Income Tax |
$640.2 |
$661.1 |
$20.9 |
3.3% |
$3,059.4 |
$3,089.1 |
$29.7 |
1.0% |
| Gross Receipts Tax |
$1,330.5 |
$1,345.1 |
$14.6 |
1.1% |
$1,380.1 |
$1,375.0 |
($5.1) |
-0.4% |
| Public Utility Realty Tax |
$0.2 |
$0.0 |
($0.2) |
-100.0% |
$6.1 |
$5.7 |
($0.4) |
-6.5% |
| Insurance Premiums Taxes |
$864.1 |
$822.3 |
($41.8) |
-4.8% |
$1,006.0 |
$986.8 |
($19.2) |
-1.9% |
| Financial Institution Taxes |
$321.2 |
$384.6 |
$63.4 |
19.7% |
$376.9 |
$432.5 |
$55.6 |
14.7% |
| Consumption Taxes: |
| Sales and Use Tax |
$1,153.6 |
$1,196.0 |
$42.4 |
3.7% |
$11,352.8 |
$11,409.9 |
$57.1 |
0.5% |
| Cigarette Tax |
$54.2 |
$54.5 |
$0.3 |
0.6% |
$470.5 |
$472.3 |
$1.8 |
0.4% |
| Other Tobacco Products Tax |
$9.5 |
$10.3 |
$0.8 |
8.3% |
$100.0 |
$105.0 |
$5.0 |
5.0% |
| Malt Beverage Tax |
$1.5 |
$1.5 |
($0.0) |
-3.2% |
$14.1 |
$13.8 |
($0.3) |
-1.8% |
| Liquor Tax |
$35.0 |
$33.2 |
($1.8) |
-5.2% |
$334.7 |
$331.7 |
($3.0) |
-0.9% |
| Other Taxes: |
| Personal Income Tax |
$1,669.0 |
$1,693.1 |
$24.1 |
1.4% |
$13,123.0 |
$13,333.7 |
$210.7 |
1.6% |
| Realty Transfer Tax |
$51.1 |
$67.4 |
$16.3 |
31.8% |
$443.8 |
$477.3 |
$33.5 |
7.5% |
| Inheritance Tax |
$165.4 |
$180.3 |
$14.9 |
9.0% |
$1,295.6 |
$1,368.9 |
$73.3 |
5.7% |
| Gaming Taxes |
$27.5 |
$32.0 |
$4.5 |
16.5% |
$298.7 |
$337.5 |
$38.8 |
13.0% |
| Minor and Repealed |
($101.9) |
($112.1) |
($10.2) |
-10.0% |
($133.0) |
($138.9) |
($5.9) |
-4.5% |
| Non-Tax Revenue |
$211.9 |
$155.8 |
($56.1) |
-26.5% |
$1,335.9 |
$1,338.2 |
$2.3 |
0.2% |