Thursday, July 25, 2024

Louisiana tax revenues grow for sixth consecutive month

by BIZ Magazine

By Steve Wilson | The Center Square

According to the latest report, Louisiana’s tax revenues are higher than last year’s for the sixth consecutive month.

In June, year-to-date revenues are up by $788 million or 7% over the previous fiscal year, coming in at $12.53 billion compared with $10.17 billion in 2021 and $11.75 billion in 2022.

Revenues for the month of June were nearly $1.25 billion, up from $1.09 billion in fiscal 2022 and $1.14 billion in fiscal 2021. 

Sales tax revenues were down compared to the previous two Junes, shrinking to $316 million after collecting $395 million last year and $322 million in 2021. Year-to-date sales tax is still up 3% ($111 million) compared to 2022.

June individual income tax revenues added up to $399 million, up from $366 million last year, but down from 2021, when Louisiana collected $545 million. This year’s income tax revenues are still 1% great ($64 million) than the prior year so far. 

Severance tax revenues were up to $84 million in June, up $67 million in June 2022 and $29 million in 2021. Year-to-date, collections are up $396 million compared to 2022 or an increase of 83%. 

The state’s corporate franchise tax was also up, with June’s collections totaling $356 million, compared with $185 million in June 2022 and $150 million in June 2021. 

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