The Department of the Treasury announced that January revenue collections for major taxes reached $5.326 billion, marking an increase of $232.5 million or 4.6 percent compared to the previous year. This growth was primarily driven by higher collections from the Gross Income Tax (GIT), Sales and Use Tax (SUT), and Pass-Through Business Alternative Income Tax (PTBAIT). Year-to-date, total major revenue collections stand at $23.932 billion, up by $671.7 million or 2.9 percent from the same period last year.
The Treasury anticipates improved revenue performance in the latter half of Fiscal Year 2025 as new Corporate Transit Fee collections are expected to be received.
In January, GIT collections dedicated to the Property Tax Relief Fund amounted to $2.695 billion, reflecting an increase of $214.8 million or 8.7 percent over last year due to higher employer withholding and estimated payments. Year-to-date GIT revenues have risen by $720.1 million or 7.6 percent to a total of $10.196 billion.
SUT, which is the largest General Fund revenue source, recorded $1.493 billion in January, an increase of $52.5 million or 3.6 percent over last year’s figures, influenced by consumer holiday activity in December due to a reporting lag in sales tax payments. Year-to-date SUT collections have increased by $222.6 million or 3.3 percent to reach $7.009 billion.
Conversely, Corporation Business Tax (CBT) revenues fell by $35 million or 15 percent in January to total $197.6 million due to ongoing weaknesses in estimated payments; year-to-date CBT collections are down by $261.5 million or 10.5 percent at a total of $2.229 billion.
January PTBAIT collections rose by $28.4 million or 5.7 percent reaching a total of $529.4 million mainly due to estimated payments with slightly higher refunds offsetting overall payment growth; however, fiscal year-to-date PTBAIT collections decreased by $79.6 million or 3.4 percent totaling at $2.282 billion compared with last year.
Petroleum Products Gross Receipts Tax (PPGRT) revenues were reported at $129 million for January—a decrease of $1.9 million or 1 .5 percent compared with last January—while fiscal-year-to-date PPGRT revenues increased by$10 .1millionor1 .4percentto$751 .7million.ThePPGRTratewasincreasedby2 .6centsstartingJanuary1 ,2025andwillaffectFY2025revenuecollectionsbeginningFebruary .
Realty Transfer Fee revenues saw significant growth amountingto$45millionforJanuarywithanincreaseof$16 .1millionor55 .6percentcomparedtolastyearmarkingeightoutoftheninelastmonthswithpositivegrowth.Year-todateRealtyTransferFeerevenuesstandat$260 .8millionwhichisupby$30 .6millionor13 .3percentfromlastyear .
The Treasury indicated that updated FY2025 revenue forecasts will accompany the release of Governor's Budget Message for FY2026 at February's end.
