Last month, major taxes and net lottery revenue declined by 6.5% from the prior year, totaling $2.9 billion. Collections dedicated to the General Fund (GF) came in $273.9 million below projections, while those dedicated to the School Aid Fund (SAF) were $57.2 million below estimates. On a year-to-date basis, GF collections were $178.1 million below estimates, and SAF collections were $13 million less than prior projections.
Taxes:
- Net income tax revenue totaled $1.5 billion, a 6.7% increase from the prior year.
- Withholding payments increased 3.9% from December 2024.
- Sales tax receipts declined 1.8% from the prior year, totaling $883.6 million.
- Sales tax collections from motor vehicle sales increase 1.3% year-over-year, totaling $106.5 million.
- Use tax collections were $226.5 million last month, an increase of 3.5% from the prior year.
- Net revenue from the Single Business Tax, MBT, and CIT totaled a negative $39.3 million, as refunds exceeded payments.
Please click here to read the full report by the Senate Fiscal Agency.
