General Fund Revenues - May 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 $44.9 billion, $927.7 million (2.1%) above estimate. May’s General Fund collections were $3.3 billion, $65.01 million (1.9%) below estimate, driven primarily by underperformance in Corporate Net Income Tax and Personal Income Tax Non-withholding.
Year-to-date, Personal Income Tax (PIT) collections are $18.3 billion, $395.5 million (2.2%) above estimate. PIT receipts in May fell short of the estimate by $15.5 million (1.2%) for a total of $1.2 billion. The period’s underperformance was led by non-withholding collections which were below estimated by $25 million (16.5%) with year-to-date non-withholding collections at $342.2 million (7.2%) above estimate. Inheritance Tax revenue was $152.2 million, $1.1 million (0.8%) higher than expected for May. Inheritance Tax collections are $1.69 billion year-to-date, which is $89.2 million (5.6%) ahead of estimate. Lastly, Nontax revenue collections for May were $62.8 million, $1.9 million (3.3%) higher than the estimate. Year-to-date, Nontax revenue is $1.9 billion, which exceeds the estimate by $131.5 million (7.4%).
Sales and Use Tax (SUT) outperformed May’s estimate. SUT collections totaled $1.3 billion for the month, exceeding projections by $36.6 million (2.8%) and year-to-date SUT collections remain $119.1 million (0.9%) ahead of the revenue estimate at $14.1 billion.
Additionally, Corporate Net Income Tax (CNIT) collections underperformed estimates for the month but continued to outperform the year-to-date. May CNIT receipts were $226.8 million, which was $103.2 million (31.3%) below expectations. The year-to-date CNIT revenue outperformed estimates by $96.6 million, with collections totaling $4.01 billion.
| 2025/26 General Fund Revenues |
| ($ in Millions) |
|
May Revenues |
Year-to-Date Revenues |
|
Month Estimate |
Month Revenues |
$ Chng |
% Chng |
YTD Estimate |
YTD Revenues |
$ Chng |
% Chng |
| General Fund Total |
$3,370.8 |
$3,305.8 |
($65.0) |
-1.9% |
$44,038.9 |
$44,966.7 |
$927.8 |
2.1% |
| Tax Revenue |
$3,309.9 |
$3,242.9 |
($67.0) |
-2.0% |
$42,259.4 |
$43,055.7 |
$796.3 |
1.9% |
| Corporation Taxes: |
| Corporate Net Income Tax |
$330.1 |
$226.9 |
($103.2) |
-31.3% |
$3,920.7 |
$4,017.4 |
$96.7 |
2.5% |
| Gross Receipts Tax |
($1.8) |
($1.8) |
($0.0) |
0.6% |
$1,380.7 |
$1,379.4 |
($1.3) |
-0.1% |
| Public Utility Realty Tax |
$24.7 |
$21.2 |
($3.5) |
-14.2% |
$46.9 |
$54.0 |
$7.1 |
15.1% |
| Insurance Premiums Taxes |
$2.2 |
$1.3 |
($0.9) |
-39.6% |
$1,123.3 |
$1,070.2 |
($53.1) |
-4.7% |
| Financial Institution Taxes |
$2.1 |
$3.8 |
$1.7 |
78.6% |
$385.6 |
$444.1 |
$58.5 |
15.2% |
| Consumption Taxes: |
| Sales and Use Tax |
$1,311.5 |
$1,348.2 |
$36.7 |
2.8% |
$14,012.1 |
$14,131.2 |
$119.1 |
0.9% |
| Cigarette Tax |
$61.4 |
$69.3 |
$7.9 |
12.9% |
$474.4 |
$487.4 |
$13.0 |
2.7% |
| Other Tobacco Products Tax |
$10.8 |
$11.0 |
$0.2 |
2.1% |
$120.7 |
$127.0 |
$6.3 |
5.2% |
| Malt Beverage Tax |
$1.6 |
$1.8 |
$0.2 |
10.1% |
$17.1 |
$17.4 |
$0.3 |
1.6% |
| Liquor Tax |
$38.2 |
$37.5 |
($0.7) |
-1.9% |
$407.2 |
$403.9 |
($3.3) |
-0.8% |
| Other Taxes: |
| Personal Income Tax |
$1,258.3 |
$1,242.8 |
($15.5) |
-1.2% |
$17,938.7 |
$18,334.2 |
$395.5 |
2.2% |
| Realty Transfer Tax |
$61.0 |
$59.8 |
($1.2) |
-1.9% |
$570.4 |
$589.6 |
$19.2 |
3.4% |
| Inheritance Tax |
$151.1 |
$152.3 |
$1.2 |
0.8% |
$1,607.3 |
$1,696.5 |
$89.2 |
5.6% |
| Gaming Taxes |
$36.4 |
$44.8 |
$8.4 |
23.2% |
$362.6 |
$417.1 |
$54.5 |
15.0% |
| Minor and Repealed |
$22.3 |
$24.1 |
$1.8 |
8.3% |
($108.3) |
($113.8) |
($5.5) |
-5.0% |
| Non-Tax Revenue |
$60.9 |
$62.9 |
$2.0 |
3.3% |
$1,779.5 |
$1,911.0 |
$131.5 |
7.4% |
|
|
|
|
|
|
|
|
|