The Department of the Treasury has announced that revenue collections for September reached $4.926 billion, marking an increase of $82.2 million or 1.7 percent compared to the same month last year. This growth was primarily driven by a rise in Gross Income Tax (GIT) collections. For the fiscal year to date, total revenue collections stand at $8.215 billion, which is $335.5 million or 4.3 percent higher than the previous fiscal year's equivalent period.
In September, GIT collections dedicated to the Property Tax Relief Fund amounted to $1.837 billion, showing an increase of $153.7 million or 9.1 percent from last year. Employer withholding and estimated payments contributed to this growth, while final payments and refunds were slightly lower.
Sales and Use Tax (SUT), which represents the largest source of General Fund revenue, totaled $1.042 billion in September, up by $25 million or 2.5 percent from last year’s figures. The repeal of a tax holiday on back-to-school supplies contributed to this increase in SUT collections.
The Corporation Business Tax saw a decline with September revenues totaling $965 million, down by $91.6 million or 8.7 percent compared to last September due mainly to weaker estimated payments.
Pass-Through Business Alternative Income Tax (PTBAIT) revenues fell slightly in September by $6.6 million or 0.9 percent but are expected to rebound with a large batch of refunds anticipated in October.
Casino revenues increased significantly by 18.3 percent over last year due largely to internet gaming's growing popularity, reaching $49.8 million for September.
Realty Transfer Fee revenues rose by 1.8 percent over last September with closed sales increasing in August contributing positively towards these figures as they reflect housing market activity from that month.
Overall, these figures suggest that revenue collections are closely aligning with projections for FY2025 according to the Department of the Treasury.
