General Revenue Collections Tick Upward At The End Of 2024

State Budget Director Dan Haug announced on Friday that net general revenue collections for December 2024 increased 19.0 percent compared to those for December 2023, from $1.09 billion last year to $1.30 billion this year.

Haug also says net general revenue collections for 2025 fiscal year-to-date increased 0.1 percent compared to December 2023, from $6.13 billion last year to $6.14 billion this year.

Gross collections by tax type saw individual income tax collections increase for both the month and year-to-date while corporate income and corporate franchise tax collections reflected losses.

As for the other collections…pass through entity collections, sales and use tax collections, refunds and all other collections reflected a mix bag of numbers for the month and year-to-date.

Here’s the full report:

State Budget Director Dan Haug announced today that net general revenue collections for December 2024 increased 19.0 percent compared to those for December 2023, from $1.09 billion last year to $1.30 billion this year.

Net general revenue collections for 2025 fiscal year-to-date increased 0.1 percent compared to December 2023, from $6.13 billion last year to $6.14 billion this year.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

• Increased 16.1 percent for the year, from $3.36 billion last year to $3.90 billion this year.
• Increased 124.4 percent for the month.

Pass Through Entity tax collections

• Decreased 71.6 percent for the year, from $648.9 million to $184.5 million this year.
• Decreased 84.7 percent for the month.

Sales and use tax collections

• Decreased 1.5 percent for the year, from $1.65 billion last year to $1.63 billion this year.
• Increased 18.8 percent for the month. 

Corporate income and corporate franchise tax collections

• Decreased 8.5 percent for the year, from $495.4 million last year to $453.0 million this year.
• Decreased 6.9 percent for the month.

All other collections

• Increased 6.9 percent for the year, from $434.3 million last year to $464.1 million this year.
• Decreased 1.0 percent for the month.

Refunds

• Increased 7.3 percent for the year, from $455.8 million last year to $488.8 million this year.
• Decreased 29.6 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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