As November 2024 comes to a close, state finances take a somber turn with a drop in general revenue collections compared to the previous year. State Budget Director Dan Haug reported a 6.8% decrease in overall net collections, falling from $1.00 billion in November 2023 to $931.7 million this year, according to a release on the Office of Administration website.
For the 2025 fiscal year-to-date, there was a 4.0% decrease in revenue compared to last year, dropping from $5.04 billion to $4.84 billion. A notable decline occurred in individual income tax collections, which fell by 6.6%, from $3.36 billion in 2023 to $3.14 billion this year.
Pass Through Entity tax collections saw an increase, reaching $136.9 million this year. However, sales and use tax collections declined, dropping by 4.8% for the year and a sharper 14.2% for the month.
Corporate income and franchise tax collections faced challenges, dropping 9.4% for the year from $331.3 million last year to $300.2 million this year. November was especially difficult, with a 19.6% decline for the month. On a positive note, all other collections saw a 9.4% increase for the year, rising from $328.4 million to $359.2 million.
There were also changes in refund issuance. The state paid out 13.2% more in refunds compared to the previous year, although November saw a decrease of 11.8%. As mentioned in the same release, "The figures included in the monthly general revenue report represent a snapshot in time and can vary widely based on a multitude of factors."
