Research & Economic Analysis

3rd Quarter 2025 Report

Download Tax Data Tables (spreadsheet)

The State general fund tax revenues decreased in the second quarter of 2025 compared to the same quarter of 2024.1 Among the components shown, the Net Individual Income Tax and the Net Corporate Income Tax revenues decreased while General Excise and Use Tax (GET) and Transient Accommodations Tax (TAT) collections increased.

In the second quarter of 2025, total tax collections distributed to the State general fund totaled $2,774.4 million, a decrease of $38.1 million or 1.4 percent over the same quarter of 2024 (Tables C-1 and C-2). In the first half of 2025, State general fund tax revenues decreased $150.8 million or 3.0 percent over the same period in the previous year.

During the second quarter of 2025, GET revenues (excluding the Counties’ Surcharges) totaled $1,199.4 million, an increase of $83.8 million or 7.5 percent over the same quarter of 2024 (Table C-3). In the first half of 2025, GET revenues increased $135.4 million or 5.9 percent from the first half of the previous year.

Compared to the second quarter of 2024, Net Individual Income Tax revenues decreased $85.4 million or 7.8 percent to $1,015.4 million in the second quarter of 2025 (Table C-4). In the second quarter of 2025, Declaration of Estimated Taxes decreased $39.1 million or 7.9 percent (Table C-5), Payments with Returns increased $38.0 million or 17.8 percent (Table C-6), Revenues from Withholding Tax on Wages decreased $95.4 million or 13.7 percent (Table C-7), and Refunds decreased $11.1 million or 3.7 percent (Table C-8). In the first half of 2025, Net Individual Income Tax collections decreased 155.6 million or 8.9 percent from the same period in 2024.

Net Corporate Income Tax revenues, which tend to be volatile by nature, decreased from $251.0 million in the second quarter of 2024 to $219.9 million in the second quarter of 2025, a decrease of $31.1 million (Table C-9). In the second quarter of 2025, the Declaration of Estimated Taxes decreased $33.8 million or 13.6 percent (Table C-10), the Payment with Returns decreased $16.0 million or 45.0 percent (Table C-11), and the Refunds decreased $18.7 million or 58.1 percent (Table C-12), compared with the same quarter of 2024. In the first half of 2025, Net Corporate Income Tax revenues decreased $136.5 million or 41.8 percent from the same period in the previous year.

In the second quarter of 2025, TAT revenues increased $2.2 million, or 1.1 percent compared to the same quarter of 2024 (Table C-13). In the first half of 2025, TAT revenues increased $4.1 million or 1.0 percent from the same period in the previous year.

According to the most recent data available, in the first quarter of 2025, the Retailing tax base increased 3.2 percent or $385.1 million (Table C-14), the Services tax base increased 5.5 percent or $296.9 million (Table C-15), the Contracting tax base increased 18.7 percent or $594.2 million (Table C-16), and the Hotel Rentals tax base decreased 0.6 percent or $13.4 million (Table C-17), compared to the same quarter of the previous year. For 2024, the Retailing tax base increased 0.7 percent, the Services tax base increased 5.8 percent, the Contracting tax base increased 17.8 percent, and the Hotel Rentals tax base decreased 4.2 percent.

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1/   When interpreting tax figures in conjunction with other quarterly data in this report, it should be kept in mind that the tax data represent collections during the quarter. The transactions on which the taxes were paid did not necessarily take place during the quarter.