Home News State revenue collections continue to climb

State revenue collections continue to climb

2349
0

BATON ROUGE, La. – The August 2016 Net Receipts Report shows that total state revenue thus far for 2016-2017 was $1.376 billion, a 29% increase compared to that time last year.

Sales tax collections dipped compared to July but improved compared to this time last year. Individual income tax collections increased. Miscellaneous taxes – which include alcohol, gift and tobacco taxes – showed steady growth.
The report includes receipts for sales tax, individual income tax, general severance tax, corporation and franchise tax, gasoline and special fuels tax and miscellaneous taxes cash receipts. The report does not include gambling revenues, fees, self-generated revenue and statutory dedications.

General sales tax cash receipts for FY 2016-2017 to-date are $645 million, for an increase of $176 million or 38% compared to last year. General sales tax cash receipts this time last year were $469 million, which was $4 million more than the prior year.

Individual income tax cash receipts for FY 2016-2017 to-date are $507 million, which exactly match collections last year. Individual income tax cash receipts this time last year were $507 million, which was $68 million more than the prior year.

General severance tax cash receipts for FY 2016-2017 to-date are $75 million, for a decrease of $26 million or 26% compared to last year. General severance tax cash receipts this time last year were $101 million, which was $56 million less than the prior year.

Corporation and franchise tax cash receipts for FY 2016-2017 to-date are a negative $23 million, for an increase of $130 million or 85% compared to last year. Corporation and franchise tax cash receipts this time last year were a negative $153 million, which was $112 million less than the prior year.

Gasoline and special fuels tax cash receipts for FY 2016-2017 to-date are $106 million, for an increase of $2 million or 2% compared to last year. Gasoline and special fuels tax cash receipts this time last year were $104 million, which was $3 million more than the prior year.

Miscellaneous taxes cash receipts for FY 2016-2017 to-date are $66 million, for an increase of $31 million or 89% compared to last year. Miscellaneous taxes cash receipts this time last year were $35 million, which was $3 million less than the prior year.

To view the report in its entirety, visit www.latreasury.com and click “Net Receipts Statement for the Month of August 2016.”

staterevenue2016