The Department of the Treasury has announced that revenue collections for major taxes in November reached $2.634 billion, marking a decrease of $13.5 million or 0.5 percent compared to last November. Despite this decline, the fiscal year-to-date total for major revenues stands at $13.873 billion, which is an increase of $309.1 million or 2.3 percent over the previous year.
Gross Income Tax (GIT) collections amounted to $1.140 billion in November, down by $69.4 million or 5.7 percent from last year. However, after adjusting for one less Wednesday withholding payment compared to last November, GIT revenues would have been approximately $121.2 million higher, representing an increase of 11.9 percent over last year’s figures.
Sales and Use Tax (SUT), the primary source of General Fund revenue, recorded collections of $1.033 billion, showing an increase of $60.2 million or 6.2 percent over last November's figures. This growth was overstated due to a delay in processing a quarterly cannabis tax revenue transfer from November 2023 to early December 2024.
Corporation Business Tax (CBT) revenues were reported at $35.3 million for November, reflecting a decrease of $20.6 million or 36.9 percent compared to the same month last year.
Pass-Through Business Alternative Income Tax (PTBAIT) saw revenues totaling $41.9 million in November, down by $18.4 million or 30.5 percent from last year's numbers.
Casino revenues increased by $7 million or 16.6 percent over last year’s figures to reach $49 million in November, driven largely by the growing popularity of online gaming.
Realty Transfer Fee revenues rose by $1.5 million or 3.3 percent above last November's totals to reach $46 million.
For detailed monthly and yearly revenue collection comparisons, refer to the attached chart provided by the Department of the Treasury.
