Revenues are affected by economic changes and changes in federal and State policies. Tax base is a measure of the State’s ability to generate revenue. A decreasing tax base may force spending reductions, increased taxes, or both. Receipts are revenues that have been recorded on a cash basis.
See Appendix 3 for a breakdown of State receipts by major source for the past five years.
Total State Receipts Have Increased Over the Past Five Years
- From 2013 to 2017:
- Total receipts increased 17 percent.
- Tax receipts increased 12.2 percent.
- Federal receipts increased 29.3 percent. Funding increases included:
- Disaster assistance for Superstorm Sandy and Hurricane Irene; and
- Medicaid funding under the Affordable Care Act.
Personal Income Tax and Consumer Tax Receipts Have Increased Over the Past Five Years
- Personal income tax and consumer (consumption and use) taxes:
- Accounted for 40.8 percent of 2017 receipts; and
- Have increased 16.3 percent since 2013.
- In 2017, personal income tax receipts—the State’s largest tax revenue source—increased 1.1 percent over the previous year.