Treasury: December Revenues Continue to Stay on Target

Treasury: December Revenues Continue to Stay on Target

The Department of the Treasury reported today that December revenue collections for the major taxes totaled $4.732 billion, higher by $130.1 million, or 2.8 percent above last December. The revenue increase was primarily led by growth in the Gross Income Tax (GIT). Fiscal year-to-date, total major revenues of $18.605 billion are up $439.2 million, or 2.4 percent above last year. Treasury expects revenues to perform better in the second half of Fiscal Year 2025, as Corporate Transit Fee collections are expected to be received.

December collections for the GIT, which is dedicated to the Property Tax Relief Fund, totaled $1.711 billion, up $164.4 million, or 10.6 percent above last year. The revenue growth was driven by higher employer withholding collections, while refunds were sharply lower. Fiscal year-to-date, GIT revenues of $7.501 billion are now $505.3 million, or 7.2 percent, ahead of last year.

The Sales and Use Tax (SUT), the largest General Fund revenue source, totaled $1.028 billion, up $40.8 million, or 4.1 percent over last December. Collections in December reflect November sales. Fiscal year-to-date, SUT collections of $5.516 billion are now up $170.1 million, or 3.2 percent.

The Corporation Business Tax (CBT), the second largest General Fund revenue source, totaled $725.2 million in December, lower by $40.6 million, or 5.3 percent below last year. The decrease in CBT revenues was mainly due to soft collections from estimated payments, down $75.4 million, or 9.0 percent. Fiscal year-to-date, collections of $2.032 billion are down $226.5 million, or 10.0 percent.

Pass-Through Business Alternative Income Tax (PTBAIT) revenues totaled $898.2 million in December, lower by $102.4 million, or 10.2 percent below last year. PTBAIT revenues were down primarily due to a higher issuance of refunds from the extension period trailing into December. Fiscal year-to-date, revenues of $1.753 billion are lower by $108.1 million, or 5.8 percent below last year.

Casino revenues of $57.2 million in December, increased by $17.1 million, or 42.6 percent over last year. The increasing popularity of online gaming continues to be one of the main drivers behind strong growth in casino revenues. Fiscal year-to-date, revenues of $281.4 million are higher by $41.0 million, or 17.0 percent, through the same period last year.

Realty Transfer Fee revenues of $38.1 million were up $5.6 million, or 17.3 percent above last December, and have now reported positive growth for seven of the past eight months. Fiscal year-to-date, revenues of $215.8 million are $14.5 million, or 7.2 percent above last year.

Please see the attached chart for monthly and yearly revenue collection comparisons.