General Fund Revenue Report - December 2024

By Gueorgui Tochev , Senior Budget Analyst | one month ago

General Fund revenues in December were $87.2 million or 2.3% lower than expected. For the year-to-date, General Fund revenues are $97 million or 0.5% below estimate.

Overall Personal Income Tax (PIT) collections lagged for the month by $36.6 million or 2.8%. As a component of PIT, withholding payments finished the month $1.8 million or 0.2% higher than estimate and non-withholding payments were $38.4 million or 26% less than expected. For the year-to-date, PIT collections are $99.6 million or 1.3% below expectations.

Sales and Use Tax (SUT) collections were $5.9 million less than estimate for the month, resulting in year-to-date SUT collections of $19.8 million or 0.3% higher than estimate.

Corporate Net Income Tax (CNIT) collections were $30 million or 3.6% above projected in December. Combined year-to-date CNIT revenue is lower than projections by $47.8 million or 1.9%.

Inheritance Tax revenue was $31 million or 19.4% lower than expected for the month, putting year-to-date collections at $5.7 million or 0.7% ahead of estimate. Lastly, Nontax revenue was $42.9 million or 56.7% below estimate. For the year-to-date, Nontax revenue is $0.8 million or 0.2% higher than expected.