Revenues are affected by economic changes and changes in federal and State policies. Tax base is a measure of the State’s ability to generate revenue. A decreasing tax base may force spending reductions, increased taxes or both. Receipts are revenues that have been recorded on a cash basis.
See Appendix 3 for a breakdown of State receipts by major source for the past five State fiscal years.
Total State Receipts Have Increased Over the Past Five Fiscal Years
- From 2018 to 2022:
- Total receipts increased 47.5 percent.
- Tax receipts increased 61.7 percent.
- Federal receipts increased 52.8 percent.
Personal Income Tax and Consumer Tax Receipts Have Increased Over the Past Five Fiscal Years
- Personal income tax and consumer (consumption and use) taxes:
- Accounted for 37.0 percent of 2022 receipts; and
- Have increased 32.5 percent since 2018.
- In 2022, personal income tax receipts—the State’s largest tax revenue source—increased 28.7 percent from the previous year.