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Kennedy: Louisiana revenue, general fund growth down again
Written by  // Tuesday, 17 March 2015 12:58 //

kennedy-officeThe February 2015 Net Receipts Report shows that total state revenue thus far for 2014-2015 was $5.320 billion, a one percent decrease compared to that time last year. Total revenues also were down one percent in January compared to the previous year, reflecting weak personal income tax collections and falling severance tax receipts. 

 

The state estimated in May 2014 that the state general fund would grow by 4.3 percent this year. Instead, revenue collections are down one percent with four months left in the fiscal year. 

General sales tax cash receipts for FY 2014-2015 to-date are $1.846 billion, for an increase of $94 million or 5 percent compared to last year. General sales tax cash receipts this time last year were $1.752 billion, which was $15 million more than the prior year.

Individual income tax cash receipts for FY 2014-2015 to-date are $2.133 billion, for a decrease of $18 million or 1 percent compared to last year. Individual income tax cash receipts this time last year were $2.151 billion, which was $99 million more than the prior year.

General severance tax cash receipts for FY 2014-2015 to-date are $565 million, for an increase of $9 million or 2 percent compared to last year. General severance tax cash receipts this time last year were $556 million, which was $1 million less than the prior year.

Corporation and franchise tax cash receipts for FY 2014-2015 to-date are $209 million, for a decrease of $166 million or 44 percent compared to last year. Corporation and franchise tax cash receipts this time last year were $375 million, which was $272 million more than the prior year for an increase of 264 percent.

Gasoline and special fuels tax cash receipts for FY 2014-2015 to-date are $406 million, for an increase of $12 million or 3 percent compared to last year. Gasoline and special fuels tax cash receipts this time last year were $394 million, which was $9 million more than the prior year for an increase of 2 percent.

Miscellaneous taxes cash receipts for FY 2014-2015 to-date are $153 million, for an increase of $22 million or 17 percent compared to last year. Miscellaneous taxes cash receipts this time last year were $131 million, which was $24 million less than the prior year for a decrease of 15 percent.

To view the report in its entirety, visit www.latreasury.com and click "Net Receipts Statement for the Month of February 2015."

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