General Fund Revenue Report - September 2026
By Adrian Buckner , Budget Analyst | today
General Fund revenue finished ahead of projections. Fiscal year-to-date, General Fund revenues were $11.2 billion, $529.3 billion (4.9%) above estimate. September’s General Fund collections were $4.8 billion, $550.8 million (12.8%) above estimate, driven primarily by overperformance in Corporate Net Income Tax, Sales and Use Tax, and Personal Income Tax.
Year-to-date, Personal Income Tax (PIT) collections are $4.5 billion, $53.6 million (1.2%) above estimate. PIT receipts in September overperformed estimate by $36.2 million (1.8%) for a total of $2 billion. The period’s overperformance was led by withholding collections which were above estimated by $34.5 million (2.8%) with year-to-date withholding collections at $3.6 billion or $46.2 million (1.3%) above estimate. Inheritance Tax revenue was $171.6 million, $18.1 million (11.8%) higher than expected for September. Inheritance Tax collections are $548.6 million year-to-date, which is $35.4 million (6.9%) ahead of estimate. Lastly, Nontax revenue collections for September were $21.7 million, $6.9 million (46.8%) above estimate. Year-to-date, Nontax revenue is $79.5 million, which is below the estimate by $47.7 million (37.5%).
Sales and Use Tax (SUT) outperformed September’s estimate. SUT collections totaled $1.3 billion for the month, exceeding projections by $38.2 million (3.0%) and year-to-date SUT collections are $4.1 billion, ahead of the revenue estimate by $42.4 million (1.0%).
Additionally, Corporate Net Income Tax (CNIT) collections overperformed estimates for the month and continued to outperform year-to-date. September CNIT receipts were $1.1 billion, which was $462.6 million (68.8%) above expectations. The year-to-date CNIT revenue outperformed estimates by $463 million, with collections totaling $1.4 billion (48.3%). The large increase in CNIT may be attributed in part to tariff refunds and Act 45 of 2025, which decouples the state Corporate Net Income Tax from certain federal provisions approved in federal H.R.1, also known as One Big Beautiful Bill).
