C. Tax Revenues

1st Quarter 2026 Report

Download Tax Data Tables (spreadsheet)

State general fund tax revenues decreased in the third quarter of 2025 compared to the same quarter of 2024.  1/   While final general fund tax revenue data for the fourth quarter of 2025 was not available at the time of publication, fourth quarter 2025 was available for several of its components. Comparing these components in fourth quarter of 2025 to the same quarter of 2024, General Excise and Use Tax (GET) revenues and Transient Accommodations Tax (TAT) collections increased, while Net Corporate Income Tax revenues and Net Individual Income Tax revenues decreased.

In the third quarter of 2025, total tax collections distributed to the State general fund totaled $2,344.6 million, a decrease of $402.7 million or 14.7 percent over the same quarter of 2024 (Tables C-1 and C-2). In the first three quarters of 2025, State general fund tax revenues decreased $553.5 million or 7.1 percent over the same period in the previous year.

During the fourth quarter of 2025, GET revenues (excluding the Counties Surcharges) totaled $1,159.0 million, an increase of $114.6 million or 11.0 percent over the same quarter of 2024 (Table C3). In 2025, total GET revenues increased $278.4 million or 6.2 percent from the total of the previous year.

Compared to the fourth quarter of 2024, Net Individual Income Tax revenues decreased $65.4 million or 7.8 percent to $ 768.5 million in the fourth quarter of 2025 (Table C-4). In the fourth quarter of 2025, Declaration of Estimated Taxes decreased $7.7 million or 5.6 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 $79.4 million or 10.8 percent (Table C-7), and Refunds decreased $16.8 million or 14.9 percent (Table C-8). In 2025, total Net Individual Income Tax collections decreased 340.2 million or 9.9 percent from total of 2024.

Net Corporate Income Tax revenues, which tend to be volatile by nature, decreased from $132.1 million in the fourth quarter of 2024 to $92.7 million in the fourth quarter of 2025, a decrease of $39.4 million (Table C-9). In the fourth quarter of 2025, the Declaration of Estimated Taxes decreased $12.1 million or 9.9 percent (Table C-10), the Payment with Returns decreased $9.4 million or 42.0 percent (Table C-11), and the Refunds increased $18.3 million or 160.4 percent (Table C-12), compared with the same quarter of 2024. In 2025, total Net Corporate Income Tax revenues decreased $147.3 million or 27.4 percent from the previous year.

In the fourth quarter of 2025, TAT revenues increased $5.0 million, or 2.9 percent compared to the same quarter of 2024 (Table C-13). In 2025, TAT revenues increased $11.7 million or 1.4 percent from the previous year.

According to the most recent data available, in the third quarter of 2025, the Retailing tax base increased 3.8 percent or $459.0 million (Table C14), the Services tax base increased 4.7 percent or $263.0 million (Table C-15), the Contracting tax base decreased 13.2 percent or $523.5 million (Table C-16), and the Hotel Rentals tax base decreased 0.7 percent or $14.7 million (Table C-17), compared to the same quarter of the previous year. For the first three quarters of 2025, the Retailing tax base increased 3.7 percent, the Services tax base increased 5.7 percent, the Contracting tax base increased 2.9 percent, and the Hotel Rentals tax base increased 0.7 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.