Special to The Daily News

 

According to the office of State Treasurer John N. Kennedy, Louisiana’s total state revenue is currently down approximately 5 percent compared to last year.

The June 2016 Net Receipts Report shows that total state revenue thus far for 2015-2016 was $7.382 billion, a 5-percent decrease compared to that time last year. The low point for the year was December, when revenue was down 15 percent. 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.

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