On January 8th, budget leaders from the House, Senate, and Administration announced a $40.202 billion consensus tax revenue figure for the Fiscal Year (FY) 2025 budget, excluding surtax revenue. Budget writers expect tax revenues to grow by $792 million (2 percent) over estimated FY 2024 collections of $39.410 billion (Figure 1). The consensus tax revenue agreement also establishes a $1.3 billion cap on the use of income surtax revenues in the FY 2025 budget, a $300 million increase over the amount of surtax-supported spending in FY 2024.