The Department of the Treasury announced that February revenue collections for major taxes reached $3.180 billion, marking an increase of $378.5 million or 13.5 percent compared to the previous year. This growth was mainly attributed to lower refunds under the Gross Income Tax (GIT) and the Corporation Business Tax (CBT). For the fiscal year-to-date, total major revenues stand at $27.112 billion, which is up by $1.050 billion or 4.0 percent from last year, nearing the year-end target growth.
GIT collections for February amounted to $1.454 billion, an increase of $169.8 million or 13.2 percent over last year. The rise in revenue was driven by higher employer withholding collections and reduced refunds, as the initial batch of Tax Year 2024 refunds was issued in early March 2025 instead of late February 2024 as in the previous year. Fiscal year-to-date GIT revenues have reached $11.650 billion, up by $889.8 million or 8.3 percent from last year.
Sales and Use Tax (SUT), which is the largest General Fund revenue source, totaled $953.8 million in February, showing a rise of $52.8 million or 5.9 percent compared to last February. However, this growth was slightly overstated due to a delay in processing a quarterly cannabis tax revenue transfer until March 2025 instead of February as done previously.
CBT collections were reported at $21.0 million for February, reflecting an increase of $132.9 million or 118.7 percent from last year due to a significant decline in refunds during this period.
Insurance Premiums Tax (IPT) collections for February were reported at $256.1 million, down by $38.0 million or 12.9 percent compared to last February due to refund issuances related to prior years' tax credits.
Petroleum Products Gross Receipts Tax (PPGRT) saw collections amounting to $130.2 million in February, representing an increase of $18.3 million or 16.4 percent over last year following a rate hike effective January 1, 2025.
Realty Transfer Fee revenues increased by $14.3 million or 41.1 percent over last February with current fiscal year-to-date revenues standing at $309.8 million.
