General Fund Revenue Report - October 2025
By Adrian Buckner - Budget Analyst , Gueorgui Tochev - Senior Budget Analyst | 2 days ago
Monthly Revenue Analyst: Adrian Buckner, Budget Analyst
The commonwealth collected $3.46 billion in General Fund revenues in October, an increase of 2.4% when compared to October of 2024. For the year-to-date, General Fund revenues were $53.8 million or 0.4% higher than last October.
The official revenue estimate for FY 2025/26 has not yet been certified since the budget has yet to be finally enacted. 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 1.8% higher than last year. Corporate net income tax (CNIT) revenues for the month totaled $156.6 million, or $8.5 million less than October of 2024. Sales and use tax (SUT) revenues were $1.33 billion, or $79.1 million higher year-over-year. Similarly, personal income tax (PIT) brought in $1.55 billion for October of 2025, or $57.4 million above last year.
For other tax types:
- Financial institution taxes
- October 2025 revenues were $1.3 million, which was about $1.2 higher than October of 2024
- Inheritance tax
- October 2025 revenues were $157.3 million, or $13.1 million higher than October of 2024
- Cigarette tax
- October 2025 net revenues were $69.9 million, or $3.2 million lower than October of 2024
- Total nontax revenue
- October 2025 revenues were $33.5 million, or $75.3million less than October of 2024
| October 2025 vs. October 2024 |
| ($ amounts in millions) |
| |
Month-to-Month Comparison |
Year-to-Date Comparison |
| Tax Type |
Oct-2024 |
Oct-2025 |
$ Chng |
% Chng |
Oct-2024 YTD |
Oct-2025 YTD |
$ Chng |
% Chng |
| General Fund Total |
$ 3,383.6 |
$ 3,464.6 |
$ 80.9 |
2.4% |
$ 13,468.8 |
$ 13,522.7 |
$ 53.8 |
0.4% |
| Corporation Taxes: |
| Corporate Net Income |
$ 165.1 |
$ 156.6 |
$ (8.5) |
-5.2% |
$ 1,459.6 |
$ 1,071.6 |
$ (388.0) |
-26.6% |
| Gross Receipts |
$ 3.5 |
$ 2.0 |
$ (1.5) |
-43.4% |
$ 11.4 |
$ 8.3 |
$ (3.1) |
-27.2% |
| Utility Property |
$ 0.2 |
$ 0.1 |
$ (0.1) |
-64.7% |
$ 2.6 |
$ 5.2 |
$ 2.6 |
100.2% |
| Insurance Premium |
$ 0.7 |
$ 0.7 |
$ 0.0 |
3.4% |
$ 0.8 |
$ 5.3 |
$ 4.5 |
572.8% |
| Financial Institutions |
$ 0.1 |
$ 1.3 |
$ 1.3 |
2114.8% |
$ 22.0 |
$ 15.0 |
$ (7.1) |
-32.0% |
| Consumption Taxes: |
| Sales and Use |
$ 1,257.9 |
$ 1,337.0 |
$ 79.1 |
6.3% |
$ 4,925.0 |
$ 5,212.1 |
$ 287.0 |
5.8% |
| Cigarette |
$ 73.2 |
$ 70.0 |
$ (3.2) |
-4.4% |
$ 222.9 |
$ 195.8 |
$ (27.1) |
-12.2% |
| Other Tobacco Products |
$ 12.2 |
$ 12.3 |
$ 0.1 |
0.8% |
$ 48.8 |
$ 46.2 |
$ (2.6) |
-5.4% |
| Malt Beverage |
$ 1.6 |
$ 1.6 |
$ 0.1 |
4.5% |
$ 7.0 |
$ 6.6 |
$ (0.4) |
-5.0% |
| Liquor |
$ 37.8 |
$ 37.3 |
$ (0.5) |
-1.4% |
$ 144.1 |
$ 143.6 |
$ (0.5) |
-0.4% |
| Other Taxes: |
| Personal Income |
$ 1,500.0 |
$ 1,557.4 |
$ 57.4 |
3.8% |
$ 5,399.4 |
$ 5,737.1 |
$ 337.7 |
6.3% |
| Realty Transfer |
$ 59.7 |
$ 69.0 |
$ 9.3 |
15.5% |
$ 175.7 |
$ 181.3 |
$ 5.6 |
3.2% |
| Inheritance |
$ 144.2 |
$ 157.3 |
$ 13.2 |
9.1% |
$ 583.2 |
$ 601.8 |
$ 18.6 |
3.2% |
| Minor and Repealed |
$ (10.3) |
$ (11.1) |
$ (0.8) |
8.0% |
$ (15.4) |
$ (16.7) |
$ (1.3) |
8.1% |
| Gaming |
$ 28.9 |
$ 39.4 |
$ 10.5 |
36.5% |
$ 116.5 |
$ 130.8 |
$ 14.3 |
12.3% |
| Nontax Revenue Total |
$ 108.8 |
$ 33.6 |
$ (75.3) |
-69.2% |
$ 365.1 |
$ 178.6 |
$ (186.5) |
-51.1% |