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 years.

Total State Receipts Have Increased Over the Past Five Years

• From 2013 to 2017: 
  • Total receipts increased 17 percent.
  • Tax receipts increased 12.2 percent.
  • Federal receipts increased 29.3 percent. Funding increases included:
    • Disaster assistance for Superstorm Sandy and Hurricane Irene; and
    • Medicaid funding under the Affordable Care Act.

Personal Income Tax and Consumer Tax Receipts Have Increased Over the Past Five Years

• Personal income tax and consumer (consumption and use) taxes: 
  • Accounted for 40.8 percent of 2017 receipts; and
  • Have increased 16.3 percent since 2013.
• In 2017, personal income tax receipts—the State’s largest tax revenue source—increased 1.1 percent over the previous year.