STATE OF FLORIDA DEPARTMENT OF REVENUE REVENUE COLLECTION REPORT

STATE OF FLORIDA DEPARTMENT OF REVENUE REVENUE COLLECTION REPORT March 2018 Leon Biegalski www.floridarevenue.com Office of Tax Research Executive Director April 18, 2018 This report does not include General Revenue sources collected by other state agencies. Those data can be obtained from the Legislative Office of Economic and Demographic Research website at http://www.edr.state.fl.us/content/revenues/index.cfm INSIDE.. Collection Tables... 2 Sales Tax by Category...3 Corporate Tax.4 Other Taxes.5 Historical Graph - Sales Tax..7 Corporate Income Tax..8 Documentary Stamps 9 Non-Recurring Intangible..10 Insurance Premium,,,.11 Communications Svsc Tax...12 Gross Receipt Tax...13 Fuel-related Taxes & Fees. 14 Severance Taxes. 15 SALES AND USE TAX Sales and Use Tax collections were above the estimate in March 2018 by $12.1m (0.5%) and over the March 2017 collections by $158.8m (6.9%). The estimates are based on the February 9, 2018 General Revenue Estimating Conference (GR) (page 3). CORPORATE INCOME TAX CIT collections of $123.9m in March 2018 were below the estimates by $69.7m (36%) and below the March 2017 collections by $73.8m (37.3%). The estimates are based on the February 9, 2018 GR conference (page 4). DOCUMENTARY STAMP TAX Documentary Stamp Tax collections of $205.6m were above the estimate in March 2018 by $10.6m (5.4%) and above the March 2017 collections by $12.4m (6.4%). The estimates are based on the February 9, 2018 GR conference (page 5). March Tax Collections - Summary Data $3,000 Current vs. Prior Year Tax $m. test $3,000 Current Tax Collections vs. Estimate $m. $2,500 2,466.4 2,307.6 $2,500 2,466.4 2,454.3 $2,000 $2,000 $1,500 $1,500 $1,000 852.1 815.7 $1,000 852.1 836.3 $500 $500 197.8 123.9 123.9 193.6 $0 Sales Tax Corporate Income Tax Other DOR Taxes $0 Sales Tax Corporate Income Tax Other DOR Taxes Mar-18 Mar-17 Actual Estimate

Department of Revenue Total DOR Revenue Collections March-18 ($m) General Revenue Sources (*) Actual Deposits Estimated Deposits Amount over/(under) Estimate (1) Percent over/(under) Estimate Year-to-Date over/(under) Estimate 1. Sales and Use Tax 2,466.37 2,454.27 12.10 0.49% 22.33 2. Communications Services Tax 139.18 137.30 1.88 1.37% -24.79 3. Corp Income and Excise Tax 123.93 193.60-69.67-35.99% -49.18 4. Documentary Stamp 205.64 195.05 10.60 5.43% 27.62 5. Insurance Premium 68.82 68.10 0.72 1.06% 26.55 6. Non-Recurring Intangible 28.50 29.80-1.30-4.36% -4.49 7. Severance-Oil & Gas 0.21 0.10 0.11 112.02% 0.28 8. Severance-Solid Mineral 4.65 3.40 1.25 36.83% 1.25 9. Audit Clearing Account 6.92 7.30-0.38-5.15% 22.31 10. Warrant Clearing Account 0.00 0.00 0.00 -- 0.00 11. GR Sources - Refunds -15.41-25.30 9.89 39.09% 1.83 Subtotal: General Revenue Sources (*) 3,028.83 3,063.62-34.79-1.14% 23.72 This report does not include GR sources collected by other state agencies. Those data can be obtained from the Legislative Office of Economic and Demographic Research website at http://edr.state.fl.us/content/revenues/index.cfm Other Tax Sources 12. Governmental Leasehold 0.11 0.00 0.11 -- -0.18 13. Tax on Fuel 308.84 310.31-1.47-0.47% -38.43 14. Pollutant Tax 23.83 21.47 2.35 10.97% 8.46 15. 2.5% Gross Receipt Utility 48.53 48.77-0.24-0.50% 2.52 16. Solid Waste Return Taxes 20.67 19.95 0.72 3.59% 2.98 17. Warranty Fee (Lemon Law) 0.19 0.20-0.01-7.04% -0.08 18. Prepaid Wireless E-911 1.97 -- 1.97 -- 0.00 21. Miscellaneous 1.00 1.86-0.86-46.16% -4.19 22. Other Sources - Refunds -0.95-2.00 1.05 52.26% 2.76 Subtotal: Other Tax Sources 404.18 400.57 3.60 0.90% -26.18 Additional Deposits Notes: 23. Clerk of Court - DOR Trust Fund 35.04 (*) Represents all DOR administered taxes that are wholly or partially 24. Unemployment Compensation 4.49 earmarked for the General Revenue fund excluding service charges. 25. DOR Deposits for Other Agencies 433.41 (1) Estimates are February 2018 REC figures adjusted to exclude net 26. DOR Child Support Payment Deposits 1.44 receipts from prior period tax. Subtotal: Additional Deposits 474.37 (2) All lines include applicable local option taxes administered by DOR. (3) This data represents bank deposits by DOR for the month indicated. GRAND TOTAL - ALL DOR DEPOSITS Deposit totals do not necessarily match totals in the Comptroller's NET DEPOSITS 3,907.37 official accounting records due to lags and adjustments in the Refunds included in above 16.36 accounting process. GROSS DEPOSITS 3,923.74

$m SALES TAX COLLECTIONS IN March 2018 of $2,466.37m were $12.1m (0.5%) above the estimate. The March 2018 Sales and Use Tax collections were $158.8m (6.9%) above the March 2017 Sales and Use Tax collections (see Graph on page 1). The estimates are based on the February 9, 2018 GR conference. Analysis of February collections by category Three categories were above the estimates in February 2018, with Consumer Non-durables 2.5% above, Tourism & Rec. 0.9% above and Business Investment 7.0% above. The remaining categories of sales tax were below the estimate. Auto-related was 1.8% below, Other Consumer Durables 1.0% below and Construction 15.7% below the estimate. Compared to February 2017, all categories were above the same month collections last year. The estimates are based on the February 9, 2018 GR conference. Note: February 2018 sales tax collections by categories reflect January 2018 activity. Sales Tax Over(Under) by Category 46.00 36.00 26.00 16.00 6.00-4.00-14.00-24.00-34.00-44.00 Consumer Non- Durables Tourism & Recreation Auto-Related Other Consumer Durables Construction Business Investment 16.7 13.7 10.7 7.7 4.7 1.7-1.3-4.3-7.3-10.3-13.3-16.3 February 2018 Note: Because sales tax by category is not immediately available this chart applies to the previous month's collections. Feb-18 Act. v. Est % Diff currret vs prior (%) Actual ($m) Estimate ($m) Diff % Diff % Diff vs prior Year Consumer Non-Durables 609.2 594.2 15.0 2.5 7.1 Tourism & Recreation 493.1 488.8 4.3 0.9 6.8 Auto-Related 368.5 375.4 (6.9) (1.8) 3.0 Other Consumer Durables 143.2 144.7 (1.5) (1.0) 9.2 Construction 132.9 157.6 (24.7) (15.7) 5.1 Business Investment 434.5 406.0 28.5 7.0 11.4 Total Final Liability 2,181.4 2,166.7 14.7 0.7 7.1 Net Estimated Payments 5.0 (1.0) 6.0 (600.8) STATE SALES TAX 2,186.4 2,165.7 20.7 1.0 7.6 Local Option Taxes 239.3 240.4 (1.1) (0.5) 9.2 2.6% Gross Receipt Utility Tax 11.7 11.7 0.0 0.1 TOTAL SALES TAX 2,445.4 2,418.6 26.8 1.1 8.7 Note: Because sales tax by category is not immediately available, this table applies to the previous month

CORPORATE INCOME TAX.. Collections of $123.9m in March 2018 were $69.7m (36.0%) below the March estimates. The March 2018 CIT collections were $73.4m (37.3%) below the March 2017 CIT collections. The estimates are based on the February 9, 2018 GR conference. CIT Collections YTD Receipts as % of EST 105% 85% 65% 45% 25% 5% -15% Corporate Income Tax Three-year Comparison 500 450 400 350 300 250 200 150 100 50 0 60.2 33.5 375.5 79.1 39.9 393.3 76.0 49.1 332.2 326.0 51.1 420.8 60.56 34.43 368.89 67.97 28.02 368.55 64.01 52.33 375.67 316.19 94.86 441.56 63.4 37.5 314.2 97.3 63.4 336.9 132.9 59.5 193.6 385.0 192.0 444.7 63.5 37.7 314.4 98.1 60.4 334.4 140.4 76.8 123.9 0.0 0.0 0.0

OTHER DOR TAXES excluding Sales Tax and Corporate Income Tax, other taxes contributed $852.1m to DOR tax collections in March 2018, which were $15.8m (1.9%) above the estimate. The March 2018 collections were $36.4m (4.5%) above the same month previous year's collections. The Doc Stamp Collections in March 2018 were $10.6m (5.4%) above the estimate. Compared to March 2017 collections on Doc Stamp Taxes, the March 2018 collections were $12.4m (6.4%) above. The collections of the Communications Services Tax in March were above the estimate by $1.9m (1.4%). Compared to March 2017 collections on Communication Services Tax, the March 2018 collections were $4.4m (3.2%) above. The collections of Insurance Premium Tax in March were above the estimate by $0.7m (1.1%). Compared to March 2017 collections on Insurance Premium Taxes, the March 2018 collections were $41.6m (39.9%) above. The collections of Fuel-related Taxes & Fees in March were above the estimate by $0.9m (0.3%). The non-recurring Intangible Tax collections were $1.3m (4.4%) below. Sales, Corporate & Other DOR Taxes $m. March 2018 Other DOR Taxes ($m.) March 2018 205.6 Other DOR Taxes; 852.1; 25% Corporate Income Tax; 123.9; 3% 139.2 68.8 4.9 48.5 28.5 23.9 Sales Tax; 2,466.4; 72% 332.7 Fuel-related Insur Prem Communications Doc stamp Severance Gross Receipts Non-Rec. Int. Various Other DOR Taxes March 2018 Actual Estimate Prior Year 380 340 300 260 220 180 140 100 60 20 (20)

HISTORICAL COMPARISON GRAPHS Pages 7-16 contain graphs for individual tax sources comparing the current fiscal year's actual and projected collections and collections for the three most recent fiscal years. The upper panel on each page presents monthly collections. The lower panel compares actual and expected collections on a fiscal year basis. In the lower panel, the bars prefaced by 'ACT' depict actual collections through the current month of each respective year. The bar prefaced by 'EST' shows that cumulation of the current year's DOR estimate through the current month. DOR's estimates are derived from estimates produced by the REC in February 2018. These estimates are adjusted to make them compatible with DOR's cash collection figures.

Sales Tax Collections 3,100 2,900 2,700 2,500 2,300 2,100 1,900 1,700 Sales & Use Tax Receipts 21,720.6 21,698.3 20,412.7 19,432.5 18,320.0 1,500 6,500 11,500 16,500 21,500 26,500

Corporate Tax Collections 450 400 350 300 250 200 150 100 50 0 Corporate Income Tax Receipts 1,249.51 1,298.69 1,379.68 1,420.43 1,438.08 1,150 1,200 1,250 1,300 1,350 1,400 1,450 1,500

Doc Stamps Tax Collections 260 240 220 200 180 160 140 120 Doc Stamps Tax Receipts 1,819.6 1,792.0 1,787.4 1,693.1 1,549.7 230 430 630 830 1,030 1,230 1,430 1,630 1,830 2,030

Non-Recurring Intangible Tax Collections 35 30 25 20 15 Non-Recurring Intangible Tax Receipts 270.8 275.3 277.9 247.3 218.7 FY 13-14 195.2 15 65 115 165 215 265 315

Insurance Premium Tax Collections 200 180 160 140 120 100 80 60 40 20 0 Insurance Premium Tax Receipts 416.2 389.6 354.2 343.1 339.2 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0

190 Communication Services Tax Collections state rate change from 6.65 to 4.92 effective 7/1/2015 185 180 175 170 165 160 155 150 145 140 135 130 Communication Services Tax Receipts 1,319.21 1,344.00 1,226.42 1,352.38 1,545.31 130.0 330.0 530.0 730.0 930.0 1,130.0 1,330.0 1,530.0 1,730.0

2.5% Gross Receipts Tax Collections 65 60 55 50 45 40 35 2.5% Gross Receipts Tax Receipts 496.5 494.0 469.2 492.1 483.0 20.0 120.0 220.0 320.0 420.0 520.0 620.0

Fuel Tax Collections 370 360 350 340 330 320 310 300 290 280 270 Fuel Tax Receipts 2,834.2 2,872.7 2,755.9 2,672.0 2,684.2 570.0 1,070.0 1,570.0 2,070.0 2,570.0 3,070.0

Severance Tax Collections 12 10 8 6 4 2 0 Severance Tax Receipts 21.7 20.1 20.0 21.2 21.7 19.0 19.5 20.0 20.5 21.0 21.5 22.0