Final TC-23 Monthly Revenue Report, FY2003-04

FY 2003

FY 2004

Net Collections

FINAL

LEGISLATIVE

Final

Difference

MAJOR TAX SOURCES

NET

ADOPTED

Year-end

from ADOPTED

(In Millions of Dollars)

REVENUES

3/5/2004

Growth Rate

REVENUES

Growth Rate

REVENUES

(final)

Col 2 / Col 1

9/14/2004

Col 4 / Col 1

Col 4 - Col 2

SALES AND USE TAXES

1,443.97

1,469.00

1.7%

1,501.94

4.0%

$32.94

INDIVIDUAL INCOME TAX

1,575.39

1,642.95

4.3%

1,699.19

7.9%

$56.24

CORPORATE FRANCHISE TAX

152.53

161.00

5.6%

155.36

1.9%

($5.64)

BEER, CIGARETTE & TOBACCO

54.21

56.00

3.3%

62.81

15.9%

$6.81

INSURANCE PREMIUM TAXES

58.99

62.55

6.0%

62.42

5.8%

($0.13)

SEVERANCE TAXES

32.58

41.50

27.4%

42.69

31.0%

$1.19

GENERAL & USF FUNDS

3,317.67

3,433.00

3.5%

3,524.41

6.2%

$91.41

MOTOR FUEL TAX

236.64

237.03

0.2%

239.92

1.4%

$2.89

SPECIAL FUEL TAX

84.52

85.75

1.5%

86.16

1.9%

$0.41

MOTOR VEHICLE REGIS. FEES

28.36

28.08

-1.0%

29.39

3.6%

$1.31

TRANSPORTATION FUND

349.52

350.86

0.4%

355.47

1.7%

$4.61

Text Box: M June revenues,which comprise store receipts from May economic activity indicate that:
1) State sales tax collections were up 7.8 percent, better than expected
2) Withholding or payroll tax collections were down 1.5 percent, worse than expected
3) Income tax refunds of $13.2 million were down 11 percent, lower than last year's $14.9 million
4) Corporate franchise taxes of $28 million were up 7 percent, as expected
5) Motor fuel taxes were down 1.6 percent, as expected, possibly due to higher gasoline prices
6) Special fuel taxes were up 17 percent, better than expected

M October revenues,which included receipts from September economic activity, indicate that:
1) State sales tax collections were up 1.9 percent, about as expected
2) Withholding or payroll tax collections were up 5 percent, better than expected
3) Corporate franchise tax refunds down 22 percent, better than predicted
4) Motor fuel tax revenue was up 6.6 percent, better than expected.
5) Insurance premium tax revenue was up 4.4 percent, as expected
6) Beer tax revenue was up 14.8 percent, better than expected