August revenue collections for the major taxes totaled $3.194 billion, up $353.5 million, or 12.4% compared to August of 2025, according to data from the state Department of Treasury.
Revenue growth for the month was primarily attributable to the Sales and Use Tax (SUT) and the Gross Income Tax (GIT), while the realty taxes also posted strong gains.
Fiscal year-to-date (the two-month period of July 2026–August 2026), total revenue collections of $3.832 billion are up $470.3 million, or 14% above the same period last year.
August collections for GIT, which are dedicated to the Property Tax Relief Fund, totaled $1.365 billion, up $106.5 million, or 8.5% above last year. The increase was primarily due to higher collections from Employer Withholding and Estimated Payments, while refunds were lower.
Fiscal year-to-date, gross income tax collections of $1.665 billion are higher by $90.3 million, or 5.7% over the same period last year.
The SUT, the largest General Fund revenue source, totaled $1.328 billion, an increase of $165.9 million, or 14.3% above last August. Due to a one-month lag in the reporting and payment of the Sales Tax, August revenue reflects consumer activity in July.
The Corporation Business Tax (CBT), the second largest General Fund revenue source, finished the month at $1.2 million, up $39.2 million, or 103.2% above last August. The increase in net revenues was mainly due to significantly lower refunds. August is typically one of the lowest collection months for the CBT, as refunds often negate most of, if not exceed, the level of revenue.
Fiscal year-to-date, net CBT collections of $250.3 million are up $141.2 million, or 129.5% higher than last year.
Realty Transfer Fee revenues of $61.0 million were up $9.4 million, or 18.2% above last August, supported by continued growth in closed home sales and high median home prices. In addition, the Graduated Percent Fee (GPF) – an assessment collected on real estate transactions over $1 million – totaled $68.4 million, an increase of $38.8 million, or 131.5% over last August.
Last year's GPF revenues were reduced by a delay in implementation, and substantial refunds permitted on a limited basis tied to contract and deed timing.
The first two months of the fiscal year are less significant than most other months, Treasury officials said. Revenue collections in September are typically larger than July and August combined, primarily because of the substantial quarterly estimated payments that are due under the GIT, CBT, and the Pass-Through Business Alternative Income Tax.
