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The U.S. Department of the Treasury announced today that December 2024 revenue collections totaled $4.732 billion, marking a $130.1 million increase (2.8%) over the same month last year. The gains were primarily fueled by a significant rise in Gross Income Tax (GIT) collections, driven by stronger employer withholdings and lower refund activity.
Key December 2024 Revenue Highlights
- Gross Income Tax (GIT):
• $1.711 billion collected
• Up $164.4 million (10.6%) year-over-year
• Driven by higher employer withholdings and fewer refunds
• Fiscal year-to-date (FYTD): $7.501 billion, up 7.2% - Sales and Use Tax (SUT):
• $1.028 billion collected
• Up $40.8 million (4.1%) year-over-year
• FYTD: $5.516 billion, up 3.2%
• Reflects consumer activity from November - Corporation Business Tax (CBT):
• $725.2 million collected
• Down $40.6 million (5.3%) year-over-year
• Decline mainly due to a $75.4 million drop in estimated payments
• FYTD: $2.032 billion, down 10.0% - Pass-Through Business Alternative Income Tax (PTBAIT):
• $898.2 million collected
• Down $102.4 million (10.2%) year-over-year
• Reduction primarily due to higher refund activity from the extension period
• FYTD: $1.753 billion, down 5.8% - Casino Revenues:
• $57.2 million collected
• Up $17.1 million (42.6%) year-over-year
• Growth driven by increasing popularity of online gaming
• FYTD: $281.4 million, up 17.0% - Realty Transfer Fee (RTF):
• $38.1 million collected
• Up $5.6 million (17.3%) year-over-year
• Has shown positive growth in seven of the last eight months
• FYTD: $215.8 million, up 7.2%
Fiscal Year-to-Date Summary
Through December 2024, total major tax revenues reached $18.605 billion, which is $439.2 million (2.4%) above the level from the same period last year. Treasury officials expect stronger performance in the second half of Fiscal Year 2025 due to anticipated Corporate Transit Fee collections and seasonal upticks in economic activity.
Outlook
The Treasury’s report shows that the revenue base remains resilient, particularly in consumer-driven and wage-based tax categories. Corporate-related taxes have lagged behind. However, continued momentum in online gaming and real estate provides support for overall revenue stability.
A detailed breakdown of monthly and year-to-date tax collections is available in the attached chart.
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