General Fund Revenue Report - July 2025

By Adrian Buckner - Budget Analyst , Gueorgui Tochev - Senior Budget Analyst | 6 days ago

The commonwealth collected $3.03 billion in General Fund revenues in July, a 1.5% increase over July of 2024.

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 3.2% higher than last year. Corporate net income tax (CNIT) revenues for the month totaled $141.7 million, or $70.7 million less than July of 2024. Sales and use tax (SUT) revenues were $1.36 billion, or $73.9 million higher year-over-year. Similarly, personal income tax (PIT)  brought in $1.28 billion for July of 2025, or $93.7 million above last year.

For other tax types:

  • Financial institutions taxes:
    • July 2025 revenues were $2.5 million, which was $6.2 million lower than July of 2024
  • Inheritance tax:
    • July 2025 revenues were $148.6 million, or $19.9 million more than July of 2024
  • Cigarette tax:
    • July 2025 net revenues were a negative $6.9 million, or $12.6 million lower than July of 2024
General Fund Revenue Comparison
July 2025 vs. July 2024
($ amounts in millions)
Tax Type Jul-2024 Jul-2025 $ Chng % Chng
General Fund Total  $     2,991.1  $     3,036.1  $           45.0 1.5%
Corporation Taxes:
Corporate Net Income  $         212.3  $         141.7  $          (70.7) -33.3%
Gross Receipts  $            (2.0)  $              2.1  $              4.2 -203.6%
Utility Property  $              0.0  $              0.3  $              0.3 1298.7%
Insurance Premium  $            (2.6)  $              0.3  $              2.9 112.5%
Financial Institutions  $              8.7  $              2.5  $            (6.2) -71.2%
Consumption Taxes:
Sales and Use  $      1,290.9  $      1,364.8  $           73.9 5.7%
Cigarette  $              5.7  $            (6.9)  $          (12.6) -220.2%
Other Tobacco Products  $           11.8  $           11.1  $            (0.7) -6.3%
Malt Beverage  $              1.7  $              1.7  $              0.0 1.4%
Liquor  $           35.1  $           36.1  $              1.0 2.9%
Other Taxes:
Personal Income  $      1,192.6  $      1,286.4  $         93.79 7.9%
Realty Transfer  $            (3.1)  $          (13.5)  $       (10.37) -335.1%
Inheritance  $         128.7  $         148.6  $         19.91 15.5%
Minor and Repealed  $              6.1  $              5.4  $          (0.63) -10.3%
Gaming  $           25.0  $           23.4  $          (1.57) -6.3%
Nontax Revenue Total  $           80.2  $           32.0  $          (48.2) -60.1%
 

[1] Act of April 9, 1929, P.L. 177, No. 175, § 618 provides that the Commowealth’s final Revenue estimate for the fiscal year is “signed by the Governor not later than the time he signs the general appropriation bill.”

General Fund Revenue Report - July 2025

By Adrian Buckner - Budget Analyst , Gueorgui Tochev - Senior Budget Analyst | 6 days ago

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