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BATON ROUGE - Revenue Secretary Cynthia Bridges says state revenue collections totaled $3.62 billion during the first three quarters of fiscal year 2000-01. Although the figures that comprise the total are unaudited, Bridges points out that the total represents an increase of 10.28 percent over collections during the same time period of the previous fiscal year.
“Sales tax and individual income tax are the state’s two major revenue sources and total about 67 percent of all state revenues collected,” Bridges says. Sales tax accounts for more than 38 percent of all state revenues, while individual income tax accounts for more than 28 percent. Through March, Bridges says the sales tax collection was $1.6 billion, or an increase of approximately 17.5 percent over the same period of the previous fiscal year. During the same three quarters, individual income tax collections totaled more than $965 million, or an increase of approximately 3.3 percent.
Severance taxes collections also increased during the period, Bridges says. She points out that general severance tax is collected on all natural resources severed from Louisiana’s soil and water. Severance taxes account for more than 7 percent of the state’s total revenue collections. “The most notable natural resources severed in Louisiana are oil and gas,” Bridges says. “Through March, severance tax collections were up 23.40 percent, for a total of $306.9 million.”
As of May 14, the State Budget Office’s official forecast for total collections by the Department of Revenue in fiscal year 2000-01 is $5.82 billion, up from the $5.5 billion collected in fiscal year 1999-00. Bridges says revenue collections by the Department last year increased by only 3.54 percent. So far this fiscal year, figures appear to indicate that total collections will grow by a larger percentage than the previous year’s increase.
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