Gross Receipts to the Treasury surged by 12 percent in December and grew at a healthy rate of 6.2 percent during the 2017 calendar year, State Treasurer Ken Miller announced today.
At $1 billion, December collections are up by $107.9 million compared to receipts from December 2016. During the last year, gross receipts topped the $11 billion mark, finishing at $11.45 billion ahead of 2016 collections by $667.6 million.
“What a difference a year can make,” Miller said. “At this time last year, calendar year gross receipts were down by more than 7 percent with every major revenue stream showing contraction. This year, we show across-the-board growth with an encouraging trend line.”
Monthly receipts during the calendar year were higher than the same month of the prior year in all but one month. The rate of increase has generally trended higher with each passing month.
In December, growth rates in the major revenue streams ranged from 42.7 percent in gross production taxes to 5.1 percent in motor vehicle tax collections. For the calendar year, growth ranged from 53.4 percent in gross production taxes to 2.6 percent in combined individual and corporate income tax receipts.