Revenue
Revenue is the income or money the State receives from taxes, fees, and other sources. Almost all of Connecticut’s revenues come from taxes on Connecticut residents. Since fiscal year 2000, Connecticut's General Fund gross tax revenues have increased 35.8 percent overall — rising from $13.4 billion in fiscal year 2000 to $18.2 billion in fiscal year 2020.
The State's largest source of revenue in fiscal year 2020 was the Personal Income Tax, which yielded approximately $9.4 billion or 52 percent of the State's total gross tax revenues. Along with the Personal Income Tax, Connecticut's greatest sources of tax revenue for fiscal year 2020 came from the Sales & Use Tax ($4.3 billion or 24 percent) and the Pass-through Entity Tax ($1.2 billion or 6.8 percent). Together, these three revenue sources alone accounted for $16 billion (82 percent) of Connecticut's $18.2 billion in gross tax revenues in fiscal year 2020.
Since fiscal year 2000, annual realized revenues have fallen short of annual projected revenues nine times. The other 12 years, realized revenues exceeded projections. However, of the nine years with revenue shortfalls, seven have occurred since the Great Recession.
