Major taxes and net lottery revenue totaled $2 billion last month, an increase of 28.6% from the prior year but $173.7 million less than previous estimates, according to the March 2025 revenue report by the Senate Fiscal Agency.
Highlights:
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- General Fund collections came in $85.5 million less than estimates.
- School Aid Fund collections were also below estimates by $90.2 million.
- Year-to-date collections are also below January’s estimates; $212.8 million for the General Fund and $66.1 million for the School Aid Fund.
Taxes:
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- Net income tax revenue – $697.3 million, an 182.4% increase from the prior year, but $18.6 million less than estimates.
- Withholding payments – 7.6% higher than the prior year and $35.2 million above projections.
- Individual income tax refunds – $851.3 million, which was down 32.3% from the prior year, but $51 million more than estimates.
- Sales tax receipts – $773.5 million, which was 1.3% more than the prior year but $53.4 million less than forecasted.
- Use tax collections – $187.9 million, a decline of 15.5% from the prior year and $39.4 million less than the prior forecast.
To view the full March 2025 revenue report, please click here.
