Research & Economic Analysis

2nd Quarter 2025 Report

Download Tax Data Tables (spreadsheet)

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

In the first quarter of 2025, total tax collections distributed to the State general fund totaled $2,128.5 million, a decrease of $105.5 million or 4.7 percent over the same quarter of 2024 (Tables C-1 and C-2). In 2024, State general fund tax revenues increased $620.9 million or 6.5 percent over the previous year.

During the first quarter of 2025, GET revenues (excluding the Counties’ Surcharges) totaled $1,217.9 million, an increase of $51.6 million or 4.4 percent over the same quarter of 2024 (Table C-3). In 2024, GET revenues increased $20.9 million or 0.5 percent from the previous year.

Compared to the first quarter of 2024, Net Individual Income Tax revenues decreased $70.3 million or 10.8 percent to $580.1 million in the first quarter of 2025 (Table C-4). In the first quarter of 2025, Declaration of Estimated Taxes increased $7.8 million or 4.3 percent (Table C-5), Payments with Returns increased $5.1 million or 7.2 percent (Table C-6), Revenues from Withholding Tax on Wages decreased $26.7 million or 3.7 percent (Table C-7), and Refunds increased $56.4 million or 17.4 percent (Table C-8). In 2024, Net Individual Income Tax collections increased 58.4 million or 1.7 percent from 2023.

Net Corporate Income Tax revenues, which tend to be volatile by nature, decreased from $75.8 million in the first quarter of 2024 to a negative $29.6 million in the first quarter of 2025, a decrease of $105.4 million (Table C-9). In the first quarter of 2025, the Declaration of Estimated Taxes decreased $4.5 million or 4.8 percent (Table C-10), the Payment with Returns increased $3.3 million or 32.7 percent (Table C-11), and the Refunds increased $104.3 million or 374.4 percent (Table C-12), compared with the same quarter of 2024. In 2024, Net Corporate Income Tax revenues increased $209.6 million or 64.0 percent from the previous year.

In the first quarter of 2025, Transient Accommodations Tax (TAT) revenues increased $1.9 million, or 0.8 percent compared to the same quarter of 2024 (Table C-13). In 2024, TAT revenues decreased $34.1 million or 4.0 percent from the previous year.

According to the most recent data available, in the fourth quarter of 2024, the Retailing tax base increased 1.9 percent or $212.5 million (Table C-14), the Services tax base increased 6.6 percent or $330.6 million (Table C-15), the Contracting tax base increased 12.4 percent or $381.4 million (Table C-16), and the Hotel Rentals tax base decreased 6.2 percent or $100.3 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.