General Fund Revenue Report - June 2025

By Gueorgui Tochev , Senior Budget Analyst | 2 days ago
Monthly Revenue Analyst: Adrian Buckner, Budget Analyst

General Fund revenues in June were $58.5 million, or 1.6% higher than expected. For the year-to-date, General Fund revenues are $321 million or 0.7% higher than estimate.

Overall, Personal Income Tax (PIT) collections were higher for the month by $30.7million, or 1.9%. As a component of PIT, withholding payments finished the month at $13.3 million, or 1.2% lower than estimate and non-withholding payments were $43.7 million, or 8.4% above expected. For the year-to-date, PIT collections are $186.2 million or 1% above expectations.

Sales and Use Tax (SUT) collections were $8.5 million over estimate for the month, resulting in year-to-date SUT collections of $157.6 million or 1.1% higher than estimate.

Corporate Net Income Tax (CNIT) collections were $87.6 million, or 25.5% lower than projected in June. Combined year-to-date CNIT revenue is lower than projections by $174.1 million, or 3.9%.

Inheritance Tax revenue was $10.8 million, or 1.3% lower than expected for the month, putting year-to-date collections at $184.9 million or 3.5% less than the estimate. Lastly, Nontax revenue was $8.1 million, or 10.5% higher than the estimate. For the year-to-date, Nontax revenue is $38.7 million, or 2.8% over the estimate.