The bill requires the Department of Revenue (DOR) to submit a report detailing the year-to-date net state tax revenue for the current fiscal year, projections for the remainder of the fiscal year, and an assessment of whether net state tax revenue may exceed the allowable state tax revenue. The report includes specific estimates for fiscal year 2025, indicating that the DOR projects the full fiscal year net state tax revenue will not exceed the allowable state tax revenue. The report highlights that the year-to-date net state tax revenue, excluding the 4% income surtax revenue, is approximately $19.33 billion, with an estimated total for the fiscal year of about $40.87 billion against an allowable revenue of approximately $46 billion, resulting in a projected shortfall of about $5.13 billion.

Additionally, the bill clarifies that the 4% income surtax revenue is not subject to the allowable state tax revenue limitations established by Chapter 62F. The report provides detailed breakdowns of various tax revenues collected by the DOR, including income, sales, and corporate taxes, among others. It also includes estimates for future months and highlights the growth factor for allowable state tax revenue, which is projected to be approximately 1.0424270 for fiscal year 2025. The DOR's estimates are based on currently available data and are subject to revisions as more information becomes available.