The state Department of Treasury reported last week that July revenue collections for the major taxes totaled $3.632 billion, an increase of $306.4 million, or 9.2%, over last year. The increase was driven by higher collections from the Sales and Use Tax and the Corporation Business Tax, while the Gross Income Tax came in lower.
Total major revenues for the 13-month period ending in July reached $53.373 billion, up $3.194 billion, or 6.4%, over the same period last year.
The Sales and Use Tax, the largest General Fund revenue source, brought in $1.664 billion in July, an increase of $260.8 million, or 18.6%, over last July. Treasury attributed the growth to activity in sectors including information technology, data centers and artificial intelligence, along with some economic activity tied to the FIFA World Cup.
The Corporation Business Tax, the second-largest General Fund revenue source, totaled $282.0 million, up $112.8 million, or 66.7%. Treasury said the increase was primarily driven by higher estimated payments, while refunds were notably lower than last July.
Treasury treats July as an effective 13th month of the fiscal year, since cash collections include revenue from both the fiscal year that just ended and the one that just began. Final collections for fiscal year 2026 will be published in the state’s Annual Comprehensive Financial Report, expected in early 2027.
