Comparative Revenues and Revenue Forecasts 2010-2014 Prepared By: Bureau of Legislative Research Fiscal Services Division State of Arkansas
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.
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.
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: http://www.census.gov/govs/statetax/
Comparison of Total Tax Collections Averages Per Capita & Per $1,000 Income Eastern: $3,428.05 Per Capita $62.98 Personal Income Midwestern: $2,846.99 Per Capita $64.11 Personal Income United States: $2,720.80 Per Capita $59.06 Personal Income Southern: $2,068.97 Per Capita $49.26 Personal Income Western: $3,049.31 Per Capita $65.15 Personal Income
RANKING OF SOUTHERN STATES AMONG THE NATION OF TOTAL TAX REVENUE STATISTICS Per $1,000 Per Capita Pers. Income 43 Alabama 39 15 Arkansas 6 49 Florida 48 47 Georgia 42 30 Kentucky 16 40 Louisiana 41 27 Mississippi 9 45 Missouri 46 33 North Carolina 25 34 Oklahoma 37 46 South Carolina 40 48 Tennessee 47 41 Texas 44 36 Virginia 43 16 West Virginia 7
Sales & Use Tax Revenue Region Average Comparison by Per Capita & Per $1,000 of Personal Income for 2010-2014 SUMMARY BY COUNCIL OF STATE GOVERNMENTS REGION 2010 2011 2012 2013 2014 Personal Personal Personal Personal Personal Region Per Capita Income Per Capita Income Per Capita Income Per Capita Income Per Capita Income Eastern $647.23 $13.60 $689.19 $13.98 $708.59 $14.03 $720.90 $13.68 $748.60 $13.75 Midwestern 764.58 19.75 775.02 19.37 815.33 19.78 823.17 19.05 873.32 19.67 Southern 709.35 18.95 739.01 19.46 764.2 19.53 790.71 19.44 844.65 20.11 Western 798.02 19.53 815.41 19.39 813.57 19.09 894.08 20.06 935.21 19.98 United States 728.48 17.98 754.02 18.13 774.69 18.17 807.49 18.15 852.57 18.51
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
Income Tax Revenue Region Average Comparison by Per Capita & Per $1,000 of Personal Income for 2010-2014 SUMMARY BY COUNCIL OF STATE GOVERNMENTS REGION 2010 2011 2012 2013 2014 Personal Personal Personal Personal Personal Region Per Capita Income Per Capita Income Per Capita Income Per Capita Income Per Capita Income Eastern $1,484.32 $31.20 $1,580.00 $32.04 $1,662.30 $32.91 $1,753.56 $33.27 $1,798.45 $33.04 Midwestern 863.08 22.29 962.68 24.06 1,095.45 26.58 1,219.65 28.22 1,159.88 26.12 Southern 484.91 12.96 518.92 13.66 550.23 14.06 584.97 14.38 575.05 13.69 Western 1,042.42 25.52 1,133.41 26.96 1,185.35 27.82 1,361.83 30.56 1,385.00 29.59 United States 890.91 21.98 962.59 23.14 1,028.15 24.12 1,124.18 25.27 1,122.27 24.36
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
Motor Fuel Tax Revenue Region Average Comparison by Per Capita & Per $1,000 of Personal Income for 2010-2014 SUMMARY BY COUNCIL OF STATE GOVERNMENTS REGION 2010 2011 2012 2013 2014 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 $109.80 $2.23 $109.19 $2.16 $107.91 $2.05 $113.36 $2.08 Midwestern 132.22 3.42 133.45 3.34 130.37 3.16 131.78 3.05 136.21 3.07 Southern 124.94 3.34 127.23 3.35 127.42 3.26 129.01 3.17 128.55 3.06 Western 105.71 2.59 141.35 3.36 140.41 3.29 136.92 3.07 142.92 3.05 United States 115.14 2.84 128.27 3.08 127.41 2.99 127.21 2.86 130.42 2.83
$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
$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 FY2013-14 $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 FY2014-15 1,791 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
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 FY2013-14 $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 FY2014-15 2,482 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
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 FY2013-14 $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 FY2014-15 3,425 2,596 0 9,537 3,977 2,932 225 5,920 10,885 3,068 3,513 264 0 11,637 1,810 4,599
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 FY2013-14 $378 $399 $1,781 $817 $475 $329 $67 $396 $1,357 $532 $331 $1,855 $- $758 $204 $691 Estimated FY2014-15 340.0 456.3 1,903.8 846.7 462.4 351.0 81.0 414.0 1,095.2 334.5 355.0 1,904.3 0.0 738.9 202.0 678
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 FY2013-14 $547 $432 $2,387 $998 $886 $589 $407 $705 $1,891 $417 $545 $843 $3,316 $650 $441 $1,004 Estimated FY2014-15 547 398 2,430 1,006 883 588 402 0 1,871 429 563 842 3,255 709 432 957
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!