Research & Economic Analysis

1st Quarter 2025 Report

Download Tax Data Tables (spreadsheet)

State general fund tax revenues increased in the fourth quarter of 2024 compared to the same quarter of 2023.1 Among the components shown, Net Corporate Income Tax increased the most in percentage terms, followed by Net Individual Income Tax. General Excise and Use Tax (GET) and Transient Accommodations Tax (TAT) revenues decreased.

In the fourth quarter of 2024, total tax collections distributed to the State general fund totaled $2,329.7 million, an increase of $117.0 million or 5.3 percent over the same quarter of 2023 (Tables C-1 and C-2). In 2024, State general fund tax revenues increased $619.6 million or 6.5 percent over the previous year.

During the fourth quarter of 2024, GET revenues (excluding the Counties’ Surcharges) totaled $1,044.4 million, a decrease of $30.6 million or 2.8 percent over the same quarter of 2023 (Table C-3). In 2024, GET revenues increased $20.9 million or 0.5 percent from the previous year.

Compared to the fourth quarter of 2023, Net Individual Income Tax revenues increased $95.6 million or 13.0 percent to $833.9 million in the fourth quarter of 2024 (Table C-4). In the fourth quarter of 2024, Declaration of Estimated Taxes increased $41.7 million or 43.1 percent (Table C-5), Payments with Returns decreased $4.8 million or 6.5 percent (Table C-6), Revenues from Withholding Tax on Wages increased $56.3 million or 8.3 percent (Table C-7), and Refunds decreased $2.5 million or 2.2 percent (Table C-8). In 2024, Net Individual Income Tax collections increased 58.4 million or 1.7 percent compared to 2023.

Net Corporate Income Tax revenues, which tend to be volatile by nature, increased from $92.0 million in the fourth quarter of 2023 to $132.1 million in the fourth quarter of 2024, an increase of $40.1 million (Table C-9). In the fourth quarter of 2024, the Declaration of Estimated Taxes increased $21.3 million or 21.1 percent (Table C-10), the Payment with Returns increased $10.8 million or 102.1 percent (Table C-11), and the Refunds decreased $7.9 million or 41.0 percent (Table C-12), compared with the same quarter of 2023. In 2024, Net Corporate Income Tax revenues increased $209.6 million or 64.0 percent from the previous year.

In the fourth quarter of 2024, Transient Accommodations Tax (TAT) revenues decreased $9.1 million, or 5.0 percent compared to the same quarter of 2023 (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 third quarter of 2024, the Retailing tax base decreased 1.2 percent or $150.0 million (Table C-14), the Services tax base increased 8.4 percent or $430.6 million (Table C-15), the Contracting tax base increased 28.8 percent or $888.2 million (Table C-16), and the Hotel Rentals tax base decreased 3.6 percent or $73.5 million (Table C-17), compared to the same quarter of the previous year. For the first three quarters of 2024, the Retailing tax base increased 0.3 percent, the Services tax base increased 5.6 percent, the Contracting tax base increased 19.8 percent, and the Hotel Rentals tax base decreased 3.6 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.