Sep 23, 201101:49 PMDaily Biz Briefs
State tax revenue reaches $16B during FY 2011
Sep 23, 2011 - 01:49 PM
State tax revenue totaled $16 billion during Fiscal Year 2011, a 5.9 percent increase over Fiscal Year 2010 but nearly $1 billion below Fiscal Year 2008 collections, according to an annual report published online by the Department of Revenue.State taxes peaked at nearly $17 billion in FY2008 before dropping to $15.6 billion in FY2009 and $15.1 billion in FY2010, according to Tax Statistics 2011. Business and occupation tax collections increased 16.9 percent to $3 billion, retail sales and use tax revenue rose 4.6 percent to $7.2 billion, alcoholic beverage sales were up 17.1 percent to $331 million and cigarette and tobacco sales rose 13.7 percent to $479 million.
On the downside, motor fuels tax collections declined 2.5 percent to $1.2 billion, and real estate excise tax revenue continued to slide with a 7.8 percent drop to $380 million. The retail sale and use tax comprised 44.9 percent of major state taxes, followed by the B&O tax at 18.8 percent, selective sales taxes at 13.4 percent and the state property tax at 11.6 percent. Other gross receipts taxes include public utility taxes and insurance premiums totaled 5.2 percent of state taxes.
The number of registered businesses continued to increase, up 31,352 to 824,588 as of July 1, 2011.
Click here for the full report.
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