Treasury: November Major Revenues Stable

Treasury: November Major Revenues Stable

The Department of the Treasury reported today that November revenue collections for the major taxes totaled $2.634 billion, a decrease of $13.5 million, or 0.5 percent below last November. Fiscal year-to-date, total major revenues of $13.873 billion are up $309.1 million, or 2.3 percent above last year.

November collections for the Gross Income Tax (GIT), which is dedicated to the Property Tax Relief Fund, totaled $1.140 billion, down $69.4 million, or 5.7 percent lower than last year. GIT revenues would have instead been about $121.2 million higher, or 11.9 percent above last November, after adjusting for one less Wednesday withholding payment compared to last November. Collections from final payments were lower, while refunds were nearly flat. Fiscal year-to-date, GIT revenues of $5.790 billion are higher by $340.9 million, or 6.3 percent above last year, with most of the net increase coming from strong growth in employer withholding.

The Sales and Use Tax (SUT), the largest General Fund revenue source, totaled $1.033 billion, up $60.2 million, or 6.2 percent over last November. However, this growth was overstated as a quarterly cannabis tax revenue transfer, which should have been processed in November 2023, did not occur until early December 2024. SUT growth would have been 4.5 percent over last year if the $16.0 million cannabis shift had occurred in November 2023. Fiscal year-to-date, SUT collections of $4.488 billion are up $129.3 million, or 3.0 percent above last year.

The Corporation Business Tax (CBT), the second largest General Fund revenue source, totaled $35.3 million in November, a reduction of $20.6 million, or 36.9 percent below last November. The decrease in CBT revenues was led by lower collections from final and estimated payments, but refunds also declined. Fiscal year-to-date, collections of $1.307 billion are down $186.0 million, or 12.5 percent below last year.

Pass-Through Business Alternative Income Tax (PTBAIT) revenues totaled $41.9 million in November, a reduction of $18.4 million, or 30.5 percent below last November. PTBAIT estimated payments were higher, but this increase was more than offset by higher refunds. Fiscal year-to-date, revenues of $854.7 million are down $5.6 million, or 0.7 percent below last year.

Casino revenues were $49.0 million in November, an increase of $7.0 million, or 16.6 percent over last year. The increasing popularity of online gaming continues to be one of the main drivers behind strong growth in casino revenues. Fiscal year-to-date, revenues of $224.3 million are now running $23.9 million, or 11.9 percent, above last year.

Realty Transfer Fee revenues of $46.0 million were up $1.5 million, or 3.3 percent above last November, now reporting positive growth for six of the past seven months. Fiscal year-to-date, revenues of $177.8 million are up $8.9 million, or 5.3 percent above last year.

Please see the attached chart for monthly and yearly revenue collection comparisons.