C. Tax Revenues

3rd Quarter 2024 Report

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The State general fund tax revenues increased in the second quarter of 2024 compared to the same quarter of 2023. 1/  Among the components shown, the Net Corporate Income Tax revenues increased while the Net Individual Income Tax, General Excise and Use Tax (GET), and Transient Accommodations Tax (TAT) collections decreased.

In the second quarter of 2024, total tax collections distributed to the State general fund totaled $2,812.6 million, an increase of $38.6 million or 1.4 percent over the same quarter of 2023 (Tables C-1 and C-2). In the first half of 2024, State general fund tax revenues increased $64.3 million or 1.3 percent over the same period in the previous year.

During the second quarter of 2024, GET revenues (excluding the Counties’ Surcharges) totaled $1,115.6 million, a decrease of $19.9 million or 1.7 percent over the same quarter of 2023 (Table C-3). In the first half of 2024, GET revenues increased $6.9 million or 0.3 percent from the first half of the previous year.

Compared to the second quarter of 2023, Net Individual Income Tax revenues decreased $75.0 million or 6.4 percent to $1,100.8 million in the second quarter of 2024 (Table C-4). In the second quarter of 2024, Declaration of Estimated Taxes decreased $80.2 million or 13.9 percent (Table C-5), Payments with Returns decreased $6.3 million or 2.9 percent (Table C-6), Revenues from Withholding Tax on Wages increased $59.2 million or 9.3 percent (Table C-7), and Refunds increased $47.7 million or 18.6 percent (Table C-8). In the first half of 2024, Net Individual Income Tax collections decreased 103.8 million or 5.6 percent from the same period in 2023.

Net Corporate Income Tax revenues, which tend to be volatile by nature, increased from $134.6 million in the second quarter of 2023 to $251.0 million in the second quarter of 2024, an increase of $116.4 million (Table C-9). In the second quarter of 2024, the Declaration of Estimated Taxes increased $109.9 million or 79.8 percent (Table C-10), the Payment with Returns increased $18.2 million or 105.6 percent (Table C-11), and the Refunds decreased $11.7 million or 57.2 percent (Table C-12), compared with the same quarter of 2023. In the first half of 2024, Net Corporate Income Tax revenues increased $157.0 million or 92.5 percent from the same period in the previous year.

In the second quarter of 2024, TAT revenues decreased $13.3 million, or 6.2 percent compared to the same quarter of 2023 (Table C-13). In the first half of 2024, TAT revenues decreased $17.9 million or 4.0 percent from the same period in the previous year.

According to the most recent data available, in the first quarter of 2024, the Retailing tax base increased 1.5 percent or $176.0 million (Table C14), the Services tax base increased 5.5 percent or $284.6 million (Table C-15), the Contracting tax base increased 19.1 percent or $510.2 million (Table C-16), and the Hotel Rentals tax base decreased 1.0 percent or $21.6 million (Table C-17), compared to the same quarter of the previous year. For 2023, the Retailing tax base increased 3.9 percent, the Services tax base increased 6.8 percent, the Contracting tax base increased 9.8 percent, and the Hotel Rentals tax base increased 2.7 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.