Friday, 09 October 2015 11:36
Treasurer Kennedy says Louisiana revenues, tax receipts down, sales tax growth flat
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kennedy-graphWith Louisiana budget looking at another billion dollar budget deficit for the upcoming fiscal year, Louisiana State Treasurer has issued a new statement that state revenues so far this year are down compared to prior year, sales tax growth flat and tax receipts down.

Here is his statement which he blasted out via email: 

he September 2015 Net Receipts Report shows that total state revenue thus far for 2015-2016 was $1.738 billion, a thirteen percent decrease compared to that time last year. Sales tax receipt growth was flat. Personal income, severance and corporation and franchise tax receipts were down. One of the few bright spots was gasoline tax receipts, which were slightly up.

 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 $688 million, for an increase of $3 million or 0 percent compared to last year. General sales tax cash receipts this time last year were $685 million, which was $47 million more than the prior year.

Individual income tax cash receipts for FY 2015-2016 to-date are $777 million, for a decrease of $4 million or 1 percent compared to last year. Individual income tax cash receipts this time last year were $781 million, which was $22 million less than the prior year.

General severance tax cash receipts for FY 2015-2016 to-date are $142 million, for a decrease of $91 million or 39 percent compared to last year. General severance tax cash receipts this time last year were $233 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 $94 million, for a decrease of $189 million or 199 percent compared to last year. Corporation and franchise tax cash receipts this time last year were $95 million, which was $47 million more than the prior year.

Gasoline and special fuels tax cash receipts for FY 2015-2016 to-date are $158 million, for an increase of $5 million or 3 percent compared to last year. Gasoline and special fuels tax cash receipts this time last year were $153 million, which was $2 million more than the prior year.

Miscellaneous taxes cash receipts for FY 2015-2016 to-date are $59 million, for an increase of $3 million or 5 percent compared to last year. Miscellaneous taxes cash receipts this time last year were $56 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 September 2015."

 

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