July Revenue Declines

The Senate Fiscal Agency released July’s revenue report, outlining collections and tax receipts for the month. Most notably, major taxes and net lotter revenue declined 1.6% from July 2024, totaling $2.9 billion. Additionally, that number was around $130.3 million less than estimates made at the May 2025 Consensus Revenue Estimating Conference.

Key Points:

• • General Fund collections came in $125.9 million below projections for the month.
    • Fiscal year-to-date collections are $53 million below estimates.
  • School Aid Fund collections were $15.7 million less than estimated.
    • Fiscal year-to-date collections are $3.6 million below projections.
  • Net income tax revenue totaled $1.1 billion, a decline of 0.9% from the prior year, and $19 million less than projected.
  • Sales tax receipts totaled $983.1 million last month, a 4.5% increase from the prior year, and $15.7 million more than projected.
    • Fiscal year-to-date collections were up 1.9%.
  • Use tax collections totaled $244 million, a 0.9% decrease from the prior year, and $5.8 million lower than estimated.
    • Fiscal year-to-date collections were down 3.1%.

Please click here to view the full monthly revenue report.