Louisiana’s revenue report for the final month of 2015 shows a 15% decline from the same month last year to $3.469 billion, as sales, severance and corporation tax collections continued to lag 2014 figures, Treasurer John Kennedy says.
Kennedy notes that in November revenue was also off 12%.
“The December report shows the drop is getting bigger even though growth was anticipated in the five-year baseline projection,” reads a press release from Kennedy’s office.
The monthly revenue report also includes gas, special fuels and miscellaneous taxes, but does not include gambling revenues, fees, self-generated revenue or statutory dedications.
Fiscal year to date through December, sales tax collections in Louisiana are down 1%, or roughly $20 million, to $1.358 billion. Individual income tax collections are essentially flat at $1.538 billion. Severance taxes are down 43%, or $193 million, to $260 million, and corporation taxes are off 149%, or $469 million. The current fiscal year began on July 1 last year and concludes on June 30.
