Individual Income And Corporation Net Income Decline

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Individual Income And Corporation Net Income Decline

Transcript Of Individual Income And Corporation Net Income Decline

Quarterly Summary of State and Local Government Tax Revenue for 2016: Q21
INDIVIDUAL INCOME AND CORPORATION NET INCOME DECLINE
Released September 20, 2016
G16-QTAX2

2016 QUARTER 2
Second quarter 2016 tax revenues for the four largest state and local government tax categories decreased 0.6 percent to $338.2 billion, from $340.4 billion in the same quarter of 2015.2 See category breakouts in Figure 1.

Figure 1.
Historical State and Local Tax Revenue Trends for Selected Taxes (Q2): 2006–2016

Billions of dollars 350
300

Total1

250

200 150 100
50 0

2006 2007

2008 2009 2010 2011 2012 2013

2014 2015 2016

Individual income
Sales Property
Corporation net income

1 Total of the four largest state and local government tax categories. Source: U.S. Census Bureau, Quarterly Summary of State and Local Government Tax Revenue.

State and local governments collect $99.4 billion in property tax revenue The estimated total for second quarter 2016 state and local property tax revenue grew 4.2 percent to $99.4 billion (±3.9 billion). This is not statistically different from the $95.4 billion (±3.7 billion) collected in the same quarter of 2015 (see Figure 2). Local governments collected $95.2 billion of total property tax revenue in the second quarter of 2016.
Figure 2.
Historical State and Local Property Tax Revenue (Q2): 2006–2016
Billions of dollars 150
100
50
0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: U.S. Census Bureau, Quarterly Summary of State and Local Government Tax Revenue.

1 The estimates for local or state and local totals are subject to sampling error. All estimates are subject to nonsampling errors, which include nonresponse, response, and keying errors. All comparative statements in this report have undergone statistical testing, and unless otherwise noted, all comparisons are statistically significant at the 10 percent significance level.
2 As of the third quarter of 2013, the local nonproperty tax survey (F-73) was redesigned to include only general sales, personal income, and corporate net income taxes. No changes were made to the local property tax survey (F-71).
For further information on state and local government tax revenue, please contact Economy-Wide Statistics Division, U.S. Census Bureau at 866-492-0140 or by e-mail at .
The data and technical documentation for this release can be found at .
U.S. Department of Commerce
Economics and Statistics Administration
U.S. CENSUS BUREAU
census.gov

Individual income tax collections decline
The second quarter of 2016 saw a slight decline in individual income tax collection. State and local revenue in the second quarter of 2016 was $119.3 billion (±0.5 billion), down 3.0 percent from $122.9 billion (±0.5 billion) in the same quarter of 2015.
General sales tax remains flat
General sales and gross receipts tax revenue was $100.7 billion (±0.6 billion) in the second quarter, up 0.3 percent. This is not statistically different from the $100.4 billion (±0.5 billion) collected in the same quarter of 2015.
Corporation net income tax revenue declines for third straight quarter
Corporation net income tax revenue for the second quarter declined 12.8 percent to $18.9 billion (±0.3 billion), from $21.6 billion (±0.3 billion) in the same quarter of 2015.
STATE TAX COLLECTIONS DECLINE
Total state tax revenue decreased 2.5 percent to $271.0 billion in the second quarter of 2016, from $277.9 billion reported in the same quarter of the prior year. Individual income tax, at $109.3 billion, was down 3.0 percent from the same quarter of 2015. The second largest category of state tax revenue, general sales and gross receipts taxes, accounted for $80.0 billion, virtually unchanged from the same quarter in 2015. At $16.7 billion, corporation net income tax collections went down from $18.6 billion in the same quarter in 2015, a decrease of 10.0 percent.
The majority of the nation’s state tax revenue came from individual income (40.3 percent) and sales and gross receipts (29.5 percent). Figure 3 illustrates the second quarter percentage distribution of state government revenues by tax type for the nation and the four Census regions. In the Northeast, West, and Midwest regions, individual income tax collections accounted for the largest percentage of tax collections with 50.3 percent, 47.4 percent, and 39.2 percent of total tax collections, respectively. In the South, sales and gross receipts taxes was the largest of the tax categories at 40.0 percent.
Total amounts of state tax revenue for the two largest tax subcategories, individual income and general sales and gross receipts, are summarized in Figure 4. Since the third quarter of 2012, income tax collections have been higher than general sales and gross receipts tax collections, especially in the second quarter due to the annual individual tax collection deadline. This trend continues in 2016.

Figure 3.
Distribution of State Government Revenue by Type of Tax for Nation and Census Regions: 2016 Q2

Alcoholic beverages Property Tobacco products Motor vehicle and motor vehicle operators

Corporation net income Motor fuel sales Other1 Sales and gross receipts Individual income2

35.1

0.6 1.5 2.8 1.8 6.2 4.3
12.9

0.4 1.7 1.9 2.0 6.7
2.9
12.8

0.5 1.6 3.5 2.5 5.7 4.4
13.5

0.3 2.1 2.6 0.9 6.8 3.4
10.6

1.2 0.9 3.0 1.9 5.4 6.3
14.9

21.2

25.9

29.5

29.1

40.0

50.3 47.4

40.3

39.2

26.3

National Northeast Midwest

West

South

Figure 4.
Historical State Government Totals of General Sales and Gross Receipts and Individual Income Taxes: 2012–2016

Billions of dollars 120

Sales tax Income tax2

100

80

60

40

20

0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2012

2013

2014

2015

2016

1 The category “other” consists of other taxes, not elsewhere classified. 2 Individual income tax returns are typically filed in the second quarter resulting in higher second quarter collections. Note: Percentages may not sum to 100 due to rounding. Source: U.S. Census Bureau, Quarterly Summary of State and Local Government Tax Revenue.

U.S. Census Bureau

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QuarterSalesGovernment Tax RevenueIncomeSummary