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Determination of Whether Net State Tax Revenues Exceeded Allowable State Tax Revenues - Exhibit I

Calculation to Determine Whether Net State Tax Revenues Exceeded Allowable State Tax Revenues for the Fiscal Year Ended June 30, 2025
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Allowable State Tax Revenues* for the Fiscal Year Ended June 30, 2025$ 46,384,735,613**
Less: 
Net State Tax Revenues† for the Fiscal Year Ended June 30, 2025    41,683,046,477‡
Net State Tax Revenues Below Allowable State Tax Revenues§ for the Fiscal Year Ended June 30, 2025$       4,701,689,136

*      Allowable state tax revenues are an amount equal to the computed maximum state tax revenues for any fiscal year.

**    See Exhibit V.

†      Net state tax revenues are state tax revenues as decreased by the amount of state tax revenues abated or refunded.

‡      See Exhibit II.

§      Net state tax revenues below allowable state tax revenues are the amount by which net state tax revenues for a fiscal year are under the allowable state tax revenues for said fiscal year.

Date published: September 15, 2025

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