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Louisiana tax collections showing slight improvement
Written by  // Friday, 11 March 2016 11:59 // News//
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unnamedReport from the John Kennedy's Department of the Treasury concerrning revenues and receipts

The February 2016 Net Receipts Report shows that total state revenue thus far for 2015-2016 was $4.796 billion, a 10% decrease compared to that time last year. 

Even though state revenue for February still was less than it was that time last year, the rate of the decrease is declining, signifying improvement in state tax collections. In December, total state revenue was down 15%. In January, it was down 12%. In February, it was down 10%. Personal income tax, gasoline and special fuels tax and miscellaneous tax collections all showed improvement. 

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 $1.800 billion, for a decrease of $46 million or 2% compared to last year. General sales tax cash receipts this time last year were $1.846 billion, which was $94 million more than the prior year.

Individual income tax cash receipts for FY 2015-2016 to-date are $2.161 billion, for an increase of $28 million or 1% compared to last year. Individual income tax cash receipts this time last year were $2.133 billion, which was $18 million less than the prior year.

General severance tax cash receipts for FY 2015-2016 to-date are $328 million, for a decrease of $237 million or 42% compared to last year. General severance tax cash receipts this time last year were $565 million, which was $9 million more than the prior year.

 Corporation and franchise tax cash receipts for FY 2015-2016 to-date are a negative $156 million, for a decrease of $365 million or 175% compared to last year.  Corporation and franchise tax cash receipts this time last year were $209 million, which was $166 million less than the prior year.

Gasoline and special fuels tax cash receipts for FY 2015-2016 to-date are $413 million, for an increase of $7 million or 2% compared to last year. Gasoline and special fuels tax cash receipts this time last year were $406 million, which was $12 million more than the prior year.

Miscellaneous taxes cash receipts for FY 2015-2016 to-date are $144 million, for a decrease of $1 million or 1% compared to last year. Miscellaneous taxes cash receipts this time last year were $145 million, which was $14 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 February 2016."

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