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 State fiscal years.
Total State Receipts Have Increased Over the Past Five Fiscal Years
- From 2015 to 2019:
- Total receipts increased 12.7 percent.
- Tax receipts increased 6.4 percent.
- Federal receipts increased 26.1 percent.
Personal Income Tax and Consumer Tax Receipts Have Increased Over the Past Five Fiscal Years
- Personal income tax and consumer (consumption and use) taxes:
- Accounted for 38.9 percent of 2019 receipts; and
- Have increased 10.7 percent since 2015.
- In 2019, personal income tax receipts—the State’s largest tax revenue source—decreased 6.6 percent from the previous year. The decrease is due to lower estimated payments in January and February.