Statewide taxable sales for February 2017 totaled $4,220,154,700, a 4.8 percent increase over February 2016. The largest increases were realized by Merchant Wholesalers, Durable Goods, up 53.5 percent; Professional, Scientific, and Technical Services, up 52.3 percent; Machinery Manufacturing, up 48.3 percent; Telecommunications, up 40.2 percent; and Food Services and Drinking Places, up 1.5 percent.
Revenue Collections from Sales and Use Taxes – February 2017
Gross revenue collections from Sales and Use Taxes amounted to $325,475,622 for February 2017, a 2.87 percent increase compared to February 2016. The General Fund portion of Sales and Use Taxes collected amounted to $84,705,553, a 5.82 percent increase compared to February 2016.
Compared to the December 2016 Economic Forum projections, and based on Department analysis, the General Fund portion of the Sales and Use Taxes is approximately 0.62 percent, or $4.6 million, below the Economic Forum forecast for Fiscal Year 2017 through the February period.
Excise Tax Revenue Collections – February 2017
The Department reports collections for Excise Taxes of $38,529,031 for the month of February 2017, an increase of 8.77 percent compared to the same month the prior year.
Compared to the Economic Forum’s December 2016 projections, through the February period of Fiscal Year 2017, the Cigarette Tax is up 0.95 percent, or $1.0 million above projections and the Other Tobacco Products Tax is up 6.93 percent, or $622,423 thousand above projections. The Liquor Tax is down 5.94 percent, or $1.7 million below projections. The Live Entertainment Tax is up $5.1 million, or 44 percent above projections. The Transportation Connection Tax is up $821,498, or 5.86 percent relative to the projection for the General Fund portion of the tax.
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