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 2017 to 2021:
- Total receipts increased 22.5 percent.
- Tax receipts increased 10.8 percent.
- Federal receipts increased 41.1 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 37.1 percent of 2021 receipts; and
- Have increased 11.5 percent since 2017.
- In 2021, personal income tax receipts—the State’s largest tax revenue source—increased 2.4 percent from the previous year.