BATON ROUGE, La. – The May 2016 Net Receipts Report shows that total state revenue thus far for 2015-2016 was $6.551 billion, an 8% decrease compared to that time last year but a 7% increase from December 2015.

The bottom in state revenue decline appears to have been in December, when revenue was down 15% compared to the prior year. Total state revenue collections are increasing, for the most part, from one month to the next even if they aren’t at the level they were the prior fiscal year. In May, state sales tax improved and corporation and franchise tax collections continue to no longer be a negative number. It’s also important to note that individuals and businesses in flood disaster areas have been given extensions on filing a number of taxes, including income and sales taxes.

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 $2.551 billion, for an increase of $31 million or 1% compared to last year. General sales tax cash receipts this time last year were $2.520 billion, which was $86 million more than the prior year.

Individual income tax cash receipts for FY 2015-2016 to-date are $2.588 billion, for a decrease of $38 million or 1% compared to last year. Individual income tax cash receipts this time last year were $2.626 billion, which was $121 million more than the prior year.

General severance tax cash receipts for FY 2015-2016 to-date are $415 million, for a decrease of $275 million or 40% compared to last year. General severance tax cash receipts this time last year were $690 million, which was $69 million less than the prior year.

Corporation and franchise tax cash receipts for FY 2015-2016 to-date are $113 million, for a decrease of $374 million or 77% compared to last year. Corporation and franchise tax cash receipts this time last year were $487 million, which was $50 million less than the prior year.

Gasoline and special fuels tax cash receipts for FY 2015-2016 to-date are $568 million, for an increase of $12 million or 2% compared to last year. Gasoline and special fuels tax cash receipts this time last year were $556 million, which was $16 million more than the prior year.

Miscellaneous taxes cash receipts for FY 2015-2016 to-date are $196 million, for a decrease of $12 million or 6% compared to last year. Miscellaneous taxes cash receipts this time last year were $208 million, which was $11 million more than the prior year.

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

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