General Fund Revenue Report - November 2025
By Adrian Buckner - Budget Analyst , Gueorgui Tochev - Senior Budget Analyst | 3 days ago
Monthly Revenue Analyst: Adrian Buckner, Budget Analyst
The commonwealth collected $3.02 billion in General Fund revenues in November, an increase of 3.1% when compared to November of 2024. For the year-to-date, General Fund revenues were $144 million or 0.9% higher than last November.
The official revenue estimate for FY 2025/26 was certified on November 12, 2025, and stands at $47.7 billion as a result of the budget being enacted. Since the official estimate is certified, the Department of Revenue will prepare a monthly revenue projection during the later part of the month of December 2025.
Overall, monthly tax revenue for the General Fund was 2% higher than last year. Corporate net income tax (CNIT) revenues for the month totaled $163.6 million, or $18.7 million less than November of 2024. Sales and use tax (SUT) revenues were $1.21 billion, or $43.4 million higher year-over-year. Similarly, personal income tax (PIT) brought in $1.14 billion for November of 2025, or $46.9 million above last year.
For other tax types:
- Financial institution taxes
- November 2025 revenues were $0.4 million, which was about $500,000 less than November 2024
- Inheritance tax
- November 2025 revenues were $126.8 million, or $700,000 less than November 2024
- Cigarette tax
- November 2025 net revenues were $66.8 million, or $700,000 higher than November 2024
- Total nontax revenue
- November 2025 revenues were $155.1 million, or $17.1 million higher than November 2024
| General Fund Revenue Comparison |
| November 2025 vs. November 2024 |
| ($ amounts in millions) |
| |
Month-to-Month Comparison |
Year-to-Date Comparison |
| Tax Type |
Nov-2024 |
Nov-2025 |
$ Chng |
% Chng |
Nov-2024 YTD |
Nov-2025 YTD |
$ Chng |
% Chng |
| General Fund Total |
$ 2,931.9 |
$ 3,022.0 |
$ 90.1 |
3.1% |
$ 16,400.7 |
$ 16,544.7 |
$ 144.0 |
0.9% |
| Corporation Taxes: |
| Corporate Net Income |
$ 182.2 |
$ 163.6 |
$ (18.7) |
-10.2% |
$ 1,641.9 |
$ 1,235.2 |
$ (406.6) |
-24.8% |
| Gross Receipts |
$ 1.4 |
$ 3.2 |
$ 1.8 |
124.3% |
$ 12.8 |
$ 11.5 |
$ (1.3) |
-10.4% |
| Utility Property |
$ - |
$ 0.5 |
$ 0.5 |
0.0% |
$ 2.6 |
$ 5.7 |
$ 3.1 |
118.9% |
| Insurance Premium |
$ 0.4 |
$ 0.6 |
$ 0.1 |
32.8% |
$ 1.2 |
$ 5.9 |
$ 4.6 |
382.8% |
| Financial Institutions |
$ 1.0 |
$ 0.4 |
$ (0.5) |
-57.2% |
$ 23.0 |
$ 15.4 |
$ (7.6) |
-33.1% |
| Consumption Taxes: |
| Sales and Use |
$ 1,173.1 |
$ 1,216.5 |
$ 43.4 |
3.7% |
$ 6,098.2 |
$ 6,428.5 |
$ 330.4 |
5.4% |
| Cigarette |
$ 66.1 |
$ 66.8 |
$ 0.7 |
1.0% |
$ 289.0 |
$ 262.6 |
$ (26.4) |
-9.1% |
| Other Tobacco Products |
$ 12.2 |
$ 12.9 |
$ 0.7 |
5.7% |
$ 61.1 |
$ 59.1 |
$ (1.9) |
-3.2% |
| Malt Beverage |
$ 1.7 |
$ 1.8 |
$ 0.1 |
6.6% |
$ 8.7 |
$ 8.5 |
$ (0.2) |
-2.7% |
| Liquor |
$ 42.3 |
$ 40.4 |
$ (1.9) |
-4.5% |
$ 186.4 |
$ 184.0 |
$ (2.4) |
-1.3% |
| Other Taxes: |
| Personal Income |
$ 1,093.0 |
$ 1,139.9 |
$ 46.9 |
4.3% |
$ 6,492.4 |
$ 6,877.0 |
$ 384.6 |
5.9% |
| Realty Transfer |
$ 59.3 |
$ 56.5 |
$ (2.8) |
-4.8% |
$ 235.0 |
$ 237.8 |
$ 2.8 |
1.2% |
| Inheritance |
$ 127.5 |
$ 126.8 |
$ (0.7) |
-0.5% |
$ 710.6 |
$ 728.6 |
$ 17.9 |
2.5% |
| Minor and Repealed |
$ 0.3 |
$ 0.2 |
$ (0.1) |
-32.3% |
$ (15.1) |
$ (16.5) |
$ (1.4) |
9.0% |
| Gaming |
$ 33.3 |
$ 36.9 |
$ 3.6 |
10.7% |
$ 149.8 |
$ 167.7 |
$ 17.9 |
11.9% |
| Nontax Revenue Total |
$ 138.0 |
$ 155.1 |
$ 17.1 |
12.4% |
$ 503.1 |
$ 333.7 |
$ (169.4) |
-33.7% |