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State revenues significantly improve

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BATON ROUGE – The March 2016 Net Receipts Report shows that total state revenue thus far for 2015-2016 was $5.342 billion, a 6% decrease compared to that time last year.

Total major state revenue is less than it was at this point in March 2015. However, revenue was down 15% in December. Now it’s down 6%. That’s an improvement of nine percentage points. Individual income tax collections are up, and the decline in severance tax receipts is slowing.

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 2015-2016 to-date are $2.039 billion, for a decrease of $25 million or 1% compared to last year. General sales tax cash receipts this time last year were $2.064 billion, which was $93 million more than the prior year.

Individual income tax cash receipts for FY 2015-2016 to-date are $2.291 billion, for an increase of $182 million or 9% compared to last year. Individual income tax cash receipts this time last year were $2.109 billion, which was $30 million more than the prior year.

General severance tax cash receipts for FY 2015-2016 to-date are $359 million, for a decrease of $252 million or 41% compared to last year. General severance tax cash receipts this time last year were $611 million, which was $6 million less than the prior year.

Corporation and franchise tax cash receipts for FY 2015-2016 to-date are a negative $90 million, for a decrease of $332 million or 137% compared to last year. Corporation and franchise tax cash receipts this time last year were $242 million, which was $188 million less than the prior year.

Gasoline and special fuels tax cash receipts for FY 2015-2016 to-date are $464 million, for an increase of $12 million or 3% compared to last year. Gasoline and special fuels tax cash receipts this time last year were $452 million, which was $13 million more than the prior year.

Miscellaneous taxes cash receipts for FY 2015-2016 to-date are $169 million, for an increase of $6 million or 4% compared to last year. Miscellaneous taxes cash receipts this time last year were $163 million, which was $16 million more than the prior year.

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

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