Comparative Revenues and Revenue Forecasts Prepared By: Bureau of Legislative Research Fiscal Services Division State of Arkansas

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1 Comparative Revenues and Revenue Forecasts Prepared By: Bureau of Legislative Research Fiscal Services Division State of Arkansas

2 Comparative Revenues and Revenue Forecasts This data shows tax collections per capita and per $1,000 dollars of personal income. This data also shows the rank each southern state has in the nation for the following taxes: Sales and use taxes Income taxes Motor fuel taxes Total taxes This data reflects state taxes only and does not reflect local receipts.

3 Comparative Revenues and Revenue Forecasts The data can be broken out into three parts The first part compares and ranks selected tax revenue on per capita and per $1,000 of income. The second part compares the SLC states ranking the southern states among the nation as well as by Council of State Government Regions. The third part of the report lists revenue estimates and collections of the southern states.

4 Largest Source of State Revenue Percent of Income Tax, Gross Sales Receipts, Severance, Property or Other Taxes CA 56% OR 74% WA 61% NV 54% ID 42% AZ 46% UT 51% MT 46% WY 34% NM 36% CO 54% ND 54% SD 57% NB 50% KS 41% TX 59% OK 37% MN 47% IA 43% MO 54% AR 35% LA 33% WI 47% IL 52% MS 44% MI 35% IN 42% TN 52% AL 39% KY 40% OH 38% GA 53% PA 38% WV 37% VA 61% SC 42% NC 50% VT 33% NY 62% NH 40% ME 42% MA 61% RI 41% CT 53% NJ 48% DE 42% MD 46% FL 61% AK 72% HI 47% Income Tax Sales, Gross Receipts Severance Property Tax Other Data: U.S. Census Bureau, State Government Tax Collections: 2014 Available:

5 Comparison of Total Tax Collections Averages Per Capita & Per $1,000 Income Eastern: $3, Per Capita $62.98 Personal Income Midwestern: $2, Per Capita $64.11 Personal Income United States: $2, Per Capita $59.06 Personal Income Southern: $2, Per Capita $49.26 Personal Income Western: $3, Per Capita $65.15 Personal Income

6 RANKING OF SOUTHERN STATES AMONG THE NATION OF TOTAL TAX REVENUE STATISTICS Per $1,000 Per Capita Pers. Income 43 Alabama Arkansas 6 49 Florida Georgia Kentucky Louisiana Mississippi 9 45 Missouri North Carolina Oklahoma South Carolina Tennessee Texas Virginia West Virginia 7

7 Sales & Use Tax Revenue Region Average Comparison by Per Capita & Per $1,000 of Personal Income for SUMMARY BY COUNCIL OF STATE GOVERNMENTS REGION Personal Personal Personal Personal Personal Region Per Capita Income Per Capita Income Per Capita Income Per Capita Income Per Capita Income Eastern $ $13.60 $ $13.98 $ $14.03 $ $13.68 $ $13.75 Midwestern Southern Western United States

8 SALES & USE TAX COLLECTIONS PER CAPITA SOUTHERN STATES FY2014 $1,400 $1,200 $1,055 $1,080 $1,104 $1,200 $1,000 $945 $800 $600 $400 $494 $508 $709 $629 $542 $588 $670 $698 $427 $660 $200 $0 AL AR FL GA KY LA MS MO NC OK SC TN TX VA WV

9 Income Tax Revenue Region Average Comparison by Per Capita & Per $1,000 of Personal Income for SUMMARY BY COUNCIL OF STATE GOVERNMENTS REGION Personal Personal Personal Personal Personal Region Per Capita Income Per Capita Income Per Capita Income Per Capita Income Per Capita Income Eastern $1, $31.20 $1, $32.04 $1, $32.91 $1, $33.27 $1, $33.04 Midwestern , , , Southern Western 1, , , , , United States , , ,

10 INCOME TAX COLLECTIONS PER CAPITA SOUTHERN STATES FY2014 $1,600 $1,400 $1,395 $1,200 $1,182 $1,000 $1,012 $981 $1,002 $943 $1,067 $866 $800 $745 $696 $733 $776 $600 $400 $200 $103 $216 $0 AL AR FL GA KY LA MS MO NC OK SC TN TX VA WV

11 Motor Fuel Tax Revenue Region Average Comparison by Per Capita & Per $1,000 of Personal Income for SUMMARY BY COUNCIL OF STATE GOVERNMENTS REGION Personal Personal Personal Personal Personal Region Per Capita Income Per Capita Income Per Capita Income Per Capita Income Per Capita Income Eastern $91.40 $1.92 $ $2.23 $ $2.16 $ $2.05 $ $2.08 Midwestern Southern Western United States

12 $300 MOTOR FUEL TAX COLLECTIONS PER CAPITA SOUTHERN STATES FY2014 $250 $238 $200 $201 $193 $150 $100 $110 $153 $122 $100 $127 $137 $115 $116 $110 $129 $123 $83 $50 $0 AL AR FL GA KY LA MS MO NC OK SC TN TX VA WV

13 $60 Net General Fund Revenues Southern States $50 $40 Millions $30 $20 $10 $0 AL AR FL GA KY LA MS MO NC OK SC TN TX VA WV AVG Actual FY $1,755 $5,022 $26,198 $18,920 $9,462 $8,201 $5,005 $8,003 $20,151 $5,628 $7,033 $9,763 $51,640 $16,745 $4,106 $13,176 Estimated FY ,791 5,151 27,189 19,727 9,801 8,683 5,250 8,590 20,963 5,790 7,205 10,126 50,208 17,211 4,254 13,463

14 Gross Sales & Use Tax Revenues $35 Southern States $30 $25 $20 Millions $15 $10 $5 $0 AL AR FL GA KY LA MS MO NC OK SC TN TX VA WV AVG Actual FY $2,399 $2,962 $22,099 $5,053 $3,131 $2,620 $2,145 $1,969 $8,949 $2,581 $3,160 $7,274 $31,447 $3,401 $1,173 $6,411 Estimated FY ,482 3,016 23,244 5,259 3,154 2,696 2,201 2,024 10,258 2,715 3,238 7,515 31,738 3,501 1,254 6,953

15 Net Personal Income Tax Revenues $14 Southern States $12 $10 $8 Millions $6 $4 $2 $0 AL AR FL GA KY LA MS MO NC OK SC TN TX VA WV AVG Actual FY $3,207 $2,606 $0 $9,005 $3,749 $2,751 $203 $5,404 $10,272 $2,851 $3,423 $239 $0 $11,253 $1,664 $4,356 Estimated FY ,425 2, ,537 3,977 2, ,920 10,885 3,068 3, ,637 1,810 4,599

16 Net Corporate Income Tax Revenues Southern States $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 AL AR FL GA KY LA MS MO NC OK SC TN TX VA WV AVG Actual FY $378 $399 $1,781 $817 $475 $329 $67 $396 $1,357 $532 $331 $1,855 $- $758 $204 $691 Estimated FY , , ,

17 Gross Motor Fuel Tax Revenues $3,500 Southern States $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 AL AR FL GA KY LA MS MO NC OK SC TN TX VA WV AVG Actual FY $547 $432 $2,387 $998 $886 $589 $407 $705 $1,891 $417 $545 $843 $3,316 $650 $441 $1,004 Estimated FY ,430 1, , ,

18 Comparative Revenues and Revenue Forecasts We feel it is important to state that we do not have a first hand knowledge of each states tax laws. We hope that you will feel free to correct us on any errors we have made in our comparisons. Thank you for your time and attention!