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 2019 to 2023:
• • Total receipts increased 38.5 percent.
  • Tax receipts increased 47.7 percent.
  • Federal receipts increased 46.0 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 34.1 percent of 2023 receipts; and
  • Have increased 21.3 percent since 2019.
• In 2023, personal income tax receipts—the State’s largest tax revenue source—decreased 16.9 percent from the previous year.