Research & Economic Analysis

4th Quarter 2024 Report

Download Tax Data Tables (spreadsheet)

The State general fund tax revenues increased in the third quarter of 2024 compared to the same quarter of 2023.1 Among the components shown, the General Excise and Use Tax (GET) revenues, Net Individual Income Tax revenues, and Net Corporate Income Tax revenues increased while Transient Accommodations Tax (TAT) collections decreased.

In the third quarter of 2024, total tax collections distributed to the State general fund totaled $2,756.9 million, an increase of $448.0 million or 19.4 percent over the same quarter of 2023 (Tables C-1 and C-2). In the first three quarters of 2024, State general fund tax revenues increased $512.2 million or 7.0 percent over the same period in the previous year.

During the third quarter of 2024, GET revenues (excluding the Counties’ Surcharges) totaled $1,168.7 million, an increase of $44.5 million or 4.0 percent over the same quarter of 2023 (Table C-3). In the first three quarters of 2024, GET revenues increased $51.5 million or 1.5 percent from the first three quarters of the previous year.

Compared to the third quarter of 2023, Net Individual Income Tax revenues increased $66.6 million or 8.4 percent to $858.7 million in the third quarter of 2024 (Table C-4). In the third quarter of 2024, Declaration of Estimated Taxes increased $36.5 million or 20.8 percent (Table C-5), Payments with Returns increased $0.2 million or 0.4 percent (Table C-6), Revenues from Withholding Tax on Wages increased $32.5 million or 4.8 percent (Table C-7), and Refunds increased $2.6 million or 2.6 percent (Table C-8). In the first three quarters of 2024, Net Individual Income Tax collections decreased 37.3 million or 1.4 percent from the same period in 2023.

Net Corporate Income Tax revenues, which tend to be volatile by nature, increased from $65.5 million in the third quarter of 2023 to $78.0 million in the third quarter of 2024, an increase of $12.5 million (Table C-9). In the third quarter of 2024, the Declaration of Estimated Taxes increased $42.3 million or 54.7 percent (Table C-10), the Payment with Returns increased $7.9 million or 203.6 percent (Table C-11), and the Refunds increased $37.7 million or 242.4 percent (Table C-12), compared with the same quarter of 2023. In the first three quarters of 2024, Net Corporate Income Tax revenues increased $169.5 million or 72.0 percent from the same period in the previous year.

In the third quarter of 2024, TAT revenues decreased $7.1 million, or 3.2 percent compared to the same quarter of 2023 (Table C-13). In the first three quarters of 2024, TAT revenues decreased $25.0 million or 3.8 percent from the same period in the previous year.

According to the most recent data available, in the second quarter of 2024, the Retailing tax base increased 0.7 percent or $90.3 million (Table C-14), the Services tax base increased 3.0 percent or $157.9 million (Table C-15), the Contracting tax base increased 11.0 percent or $332.2 million (Table C-16), and the Hotel Rentals tax base decreased 6.5 percent or $126.6 million (Table C-17), compared to the same quarter of the previous year. For the first half of 2024, the Retailing tax base increased 1.1 percent, the Services tax base increased 4.2 percent, the Contracting tax base increased 14.8 percent, and the Hotel Rentals tax base decreased 3.7 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.