General Fund Revenue Report - July 2025
By Adrian Buckner - Budget Analyst , Gueorgui Tochev - Senior Budget Analyst | 27 days ago
Tax & Revenue Analyst: Adrian Buckner, Budget Analyst
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| Minor and Repealed |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% |