BATON ROUGE, La. – The June 2016 Net Receipts Report shows that total state revenue thus far for 2015-2016 was $7.382 billion, a 5% decrease compared to that time last year. The low point for the year was December, when revenue was down 15%. Revenue has steadily climbed, for the most part, since then.

The numbers have been corrected to add in millions of dollars in previously unreported miscellaneous tax receipts. In May, for example, the state actually collected $309 million in miscellaneous tax receipts, not the $196 million previously reported. The Department of Revenue attributed the discrepancy to a failure to incorporate the new tobacco tax increase. Miscellaneous taxes include taxes on tobacco, alcohol, inheritances and gifts.

The report contains a complete set of revenue collections for the 2015-2016 Fiscal Year and shows that revenue collections steadily grew from one month to the next. State sales tax collections improved significantly in June compared to that time last year. Also in June, the decline in severance tax collections continued to decrease compared to that time last year.

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 $2.902 billion, for an increase of $189 million or 7% compared to last year. General sales tax cash receipts this time last year were $2.713 billion, which was $42 million more than the prior year.

Individual income tax cash receipts for FY 2015-2016 to-date are $2.865 billion, for a decrease of $49 million or 2% compared to last year. Individual income tax cash receipts this time last year were $2.914 billion, which was $92 million more than the prior year.

General severance tax cash receipts for FY 2015-2016 to-date are $445 million, for a decrease of $290 million or 39% compared to last year. General severance tax cash receipts this time last year were $735 million, which was $92 million less than the prior year.

Corporation and franchise tax cash receipts for FY 2015-2016 to-date are $195 million, for a decrease of $302 million or 61% compared to last year. Corporation and franchise tax cash receipts this time last year were $497 million, which was $127 million less than the prior year.

Contact:
Michelle Millhollon
(225) 342-0012
mmillhollon@treasury.state.la.us