State Revenue Collections Down From 2023 Numbers

Net general revenue collections across the state were down for August 9.3 percent compared to a year ago, from $1.04 billion to $942.7 million this year.

That’s according to State Budget Director Dan Haug who says net general revenue for fiscal-2025 year-to-date is also down compared to August-2023 by 8.3 percent.

Broken down by tax type…individual income tax collections, sales and use tax collections, corporate income and corporate franchise tax collections are all down so far for this year while pass through equity, refunds and all other collections are showing increases.

Here’s the full report:

State Budget Director Dan Haug announced today that net general revenue collections for August 2024 declined 9.3 percent compared to those for August 2023, from $1.04 billion last year to $942.7 million this year.

Net general revenue collections for 2025 fiscal year-to-date declined 8.3 percent compared to August 2023, from $1.94 billion last year to $1.78 billion this year.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

• Decreased 8.5 percent for the year, from $1.24 billion last year to $1.13 billion this year.
• Decreased 5.8 percent for the month.

Pass Through Entity tax collections

• Increased from $0 to $36.2 million this year.

Sales and use tax collections

• Decreased 5.8 percent for the year, from $632.9 million last year to $596.1 million this year.
• Decreased 0.3 percent for the month. 

Corporate income and corporate franchise tax collections

• Decreased 8.1 percent for the year, from $61.5 million last year to $56.5 million this year.
• Decreased 71.7 percent for the month.

All other collections

• Increased 0.4 percent for the year, from $143.2 million last year to $143.8 million this year.
• Decreased 13.6 percent for the month.

Refunds

• Increased 37.6 percent for the year, from $136.42 million last year to $187.7 million this year.
• Increased 122.6 percent for the month.

Pass-Through Entity tax collections were previously reported within Individual Income, which makes growth in Individual Income tax collections appear artificially low.

The figures included in the monthly general revenue report represent a snapshot in time and can vary widely based on a multitude of factors.

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