STATE OF FLORIDA DEPARTMENT OF REVENUE REVENUE COLLECTION REPORTfloridarevenue.com/taxes/PDF/mcr0417.pdf · 2017. 5. 23. · STATE OF FLORIDA DEPARTMENT OF REVENUE REVENUE COLLECTION

STATE OF FLORIDA

DEPARTMENT OF REVENUE

REVENUE COLLECTION REPORTApril 2017

Leon Biegalski www.floridarevenue.com Office of Tax Research

Executive Director May 17, 2017

This report does not include General Revenue sources collected by other state agencies. Those data can be obtained fromthe Legislative Office of Economic and Demographic Research website at http://www.edr.state.fl.us/content/revenues/index.cfm

SALES AND USE TAX

INSIDE..

Collection Tables ………...……2

Sales Tax by Category………...3

Corporate Tax ………………….4

Other Taxes …………………….5

Historical Graph - CORPORATE INCOME TAX Sales Tax ……….……………….7

Corporate Income Tax ………..8

Documentary Stamps …………9

Non-Recurring Intangible …..10

Insurance Premium ,,,……….11 DOCUMENTARY STAMP TAX Communications Svsc Tax ...12

Gross Receipt Tax …….……..13

Fuel-related Taxes & Fees .…14

Severance Taxes ….…………15

April Tax Collections - Summary Data

test

Sales and Use Tax collections were below the estimate in April

2017 by $19.5m (-0.7%) and over the 2016 April collections by

$138.9m (5.5%). The estimates are based on the March 17, 2017

General Revenue Estimating Conference (GR) (page 3).

CIT collections of $342.5m in April 2017 were above the estimates

by $115.1m (50.6%) and above the 2016 April collections by

$26.3m (8.3%). The estimates are based on the March 17, 2017

GR conference (page 4).

Documentary Stamp Tax collections of $201.4m were above the

estimate in April 2017 by $0.5m (0.3%) and above the 2016 April

collections by $17.4m (9.4%). The estimates are based on the

March 17, 2017 GR conference (page 5).

2,648.3

342.5

1,003.4

2,509.4

316.2

959.2

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Sales Tax Corporate Income Tax Other DOR Taxes

Current vs. Prior Year Tax $m.

Apr-17 Apr-16

2,648.3

342.5

1,003.4

2,667.8

227.4

1,010.2

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Sales Tax Corporate Income Tax Other DOR Taxes

Current Tax Collections vs. Estimate $m.

Actual Estimate

http://www.floridarevenue.com/

Department of Revenue

Total DOR Revenue Collections

April-17($m)

General Revenue Sources (*)Actual

Deposits

Estimated

Deposits

Amount

over/(under)

Estimate (1)

Percent

over/(under)

Estimate

Year-to-Date

over/(under)

Estimate

1. Sales and Use Tax 2,648.34 2,667.81 -19.47 -0.73% -66.06

2. Communications Services Tax 142.48 137.30 5.18 3.77% 1.15

3. Corp Income and Excise Tax 342.49 227.40 115.09 50.61% 8.87

4. Documentary Stamp 201.41 200.90 0.51 0.25% 20.39

5. Insurance Premium 178.96 180.40 -1.44 -0.80% 8.66

6. Non-Recurring Intangible 28.21 28.40 -0.19 -0.68% 3.18

7. Severance-Oil & Gas 0.16 0.18 -0.01 -7.37% -0.03

8. Severance-Solid Mineral 6.70 6.30 0.40 6.33% -1.30

9. Audit Clearing Account 9.01 7.30 1.71 23.42% 22.16

10. Warrant Clearing Account 0.00 0.00 0.00 -- 0.00

11. GR Sources - Refunds -18.78 -18.10 -0.68 -3.78% 4.78

Subtotal: General Revenue Sources (*) 3,538.98 3,437.89 101.09 2.94% 1.79

This report does not include GR sources collected by other state agencies. Those data can be obtained from

the Legislative Office of Economic and Demographic Research website at

http://edr.state.fl.us/content/revenues/index.cfm

Other Tax Sources

12. Governmental Leasehold 0.05 0.10 -0.05 -53.26% 0.00

13. Fuel-related Taxes & Fees 346.89 354.52 -7.62 -2.15% -18.92

14. Pollutant Tax 24.03 24.58 -0.55 -2.23% -1.10

15. 2.5% Gross Receipt Utility 45.50 49.39 -3.89 -7.88% -4.41

16. Solid Waste Return Taxes 25.40 26.38 -0.98 -3.73% 0.00

17. Warranty Fee (Lemon Law) 0.20 0.22 -0.02 -7.12% 0.00

18. Prepaid Wireless E-911 1.97 -- 1.97 -- 0.00

21. Miscellaneous 1.47 1.50 -0.03 -2.30% 0.01

22. Other Sources - Refunds -0.58 -0.80 0.22 28.08% 1.31

Subtotal: Other Tax Sources 444.93 455.88 -10.95 -2.40% -23.10

Additional Deposits Notes:

23. Clerk of Court - DOR Trust Fund 41.69 (*) Represents all DOR administered taxes that are wholly or partially

24. Unemployment Compensation 124.71 earmarked for the General Revenue fund excluding service charges.

25. DOR Deposits for Other Agencies 510.94 (1) Estimates are March 17 2017 REC figures adjusted to exclude net

26. DOR Child Support Payment Deposits 2.04 receipts from prior period tax and for legislature changes.

Subtotal: Additional Deposits 679.38 (2) All lines include applicable local option taxes administered by DOR.

(3) This data represents bank deposits by DOR for the month indicated.

GRAND TOTAL - ALL DOR DEPOSITS Deposit totals do not necessarily match totals in the Comptroller's

NET DEPOSITS 4,663.29 official accounting records due to lags and adjustments in the

Refunds included in above 19.36 accounting process.

GROSS DEPOSITS 4,682.65

SALES TAX …

Note: Because sales tax by category is not immediately available this chart applies to the previous month's collections.

Mar-17Actual ($m) Estimate ($m) Diff % Diff

% Diff vs prior

Year

Consumer Non-Durables 568.2 599.3 (31.1) (5.2) 1.7

Tourism & Recreation 480.8 497.9 (17.1) (3.4) 1.0

Auto-Related 360.4 380.3 (19.9) (5.2) (1.1)

Other Consumer Durables 125.4 129.0 (3.6) (2.8) (0.9)

Construction 120.5 118.9 1.6 1.3 8.3

Business Investment 386.3 377.9 8.4 2.2 4.7

Total Final Liability 2,041.6 2,103.3 (61.7) (2.9) 1.8

Net Estimated Payments 23.8 (4.5) 28.3 (628.6)

STATE SALES TAX 2,065.4 2,145.4 (33.4) (1.6) 1.9

Local Option Taxes 224.9 228.2 (3.3) (1.4) 23.0

2.5% Gross Receipt Utility Tax 11.6 11.8 (0.1) (1.2)

TOTAL SALES TAX 2,307.6 2,373.6 (66.0) (2.8) 4.5Note: Because sales tax by category is not immediately available, this table applies to the previous month

Analysis of March collections by

category…

… COLLECTIONS IN April 2017 of $2,648.3m

were $19.5m (-0.7%) below the estimates. The

April 2017 Sales and Use Tax collections were

$138.9m (5.5%) above the April 2016 Sales and

Use Tax collections (see Graph on page 1). The

estimates are based on the March 17, 2017

REC conference.

Four categories were below the estimates in

March 2017, Auto-Related Sales and Consumer

Non-Durables being the weakest at (-5.2%)

each, followed by Tourism (-3.4%). The two

above the estimate were Business Investment

(2.2%) and Construction (1.3%). Compared to

March 2016, four categories were above the

same month collections last year, Construction

being the strongest (8.3%) followed by Business

Investment (4.7%). Auto-related and Other

Consumer Durables were below the estimates.

Note: March 2017 sales tax collections by categories

reflect February 2017 activity.

-9.0

-6.0

-3.0

0.0

3.0

6.0

9.0

-35.00

-28.00

-21.00

-14.00

-7.00

0.00

7.00

14.00

21.00

28.00

35.00

Consumer Non-Durables

Tourism &Recreation

Auto-Related Other ConsumerDurables

Construction BusinessInvestment

$m

March 2017

Sales Tax Over(Under) by Category

Act. v. Est % Diff currret vs prior (%)

CORPORATE INCOME TAX….

…. Collections of $342.5m in April 2017 were $115.1m (50.6%) above the April estimates. The April 2017 CIT

collections were $26.3m (8.3%) above the March 2016 CIT collections. The estimates are based on the March

17, 2017 REC conference.

-15%

5%

25%

45%

65%

85%

105%

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

CIT Collections YTD Receipts as % of EST

EST 16-17 ACT 16-17


FY 14-15 60.2 33.5 375.5 79.1 39.9 393.3 76.0 49.1 332.2 326.0 51.1 420.8

FY 15-16 60.56 34.43 368.89 67.97 28.02 368.55 64.01 52.33 375.67 316.19 94.86 441.56

EST 16-17 46.0 27.8 436.3 66.5 35.8 412.5 118.6 33.7 188.9 227.4 299.5 431.1

ACT 16-17 46.0 26.6 438.4 67.3 36.5 413.6 118.4 35.1 197.8 342.5 0.0 0.0

0

50

100

150

200

250

300

350

400

450

500

$ m

illio

n

Corporate Income Tax Monthly ReceiptsThree-year Comparison

FY 14-15 FY 15-16 EST 16-17 ACT 16-17

OTHER DOR TAXES…

…excluding Sales Tax and Corporate Income Tax contributed

$1,003.4m to DOR tax collections in April 2017, which were

$6.7m (0.7%) below the estimates. The April 2017 collections

were $44.2m (4.6%) above the same month previous year's

collections. The Doc Stamp collections in April 2017 were

$0.5m (0.3%) above the estimates. The collections of the non-

recurring Intangible Tax in April were below the estimate by

$0.2m (0.7%). Compared to the April 2016's collections, the

non-recurring Intangible Tax collections were $1.1m (4.3%)

above.

The April collections of $370.9m on Fuel Related Taxes were

$8.2m (2.2%) below the estimates. Compared to April 2016

collections on Fuel Related Taxes, the April 2017 collections

were $16m (4.5%) Above. The Communications Services Tax

collections were $5.2m (3.8%) above the estimates. The 2.5%

Gross Receipt Utility Tax collections in April 2017 were $3.9m

(7.9%) below the estimates, and were 2% above the same

month's collection in the prior year. Insurance Premium Tax

collections were $1.4m (0.8%) below the estimates in April

2017.

(20)

20

60

100

140

180

220

260

300

340

380

$ m

illi

on

Other DOR TaxesApril 2017

Actual Estimate Prior Year

Other DOR Taxes ($m.)April 2017

Fuel-related Insur Prem Communications Doc stamp

Severance Gross Receipts Non-Rec. Int. Various

Sales Tax;

2,648.3; 66%

Corporate Income Tax; 342.5; 9%

Other DOR Taxes;

1,003.4; 25%

Sales, Corporate & Other DOR Taxes $m.April 2017

HISTORICAL COMPARISON GRAPHS

Pages 7-16 contain graphs for individual tax sources comparing the current fiscal year's actual and projected

collections and collections for the three most recent fiscal years. The upper panel on each page presents

monthly collections. The lower panel compares actual and expected collections on a fiscal year basis. In the

lower panel, the bars prefaced by 'ACT' depict actual collections through the current month of each respective

year. The bar prefaced by 'EST' shows that cumulation of the current year's DOR estimate through the current

month. DOR's estimates are derived from estimates produced by the REC in March 2017 . These estimates

are adjusted to make them compatible with DOR's cash collection figures.

1,700

1,900

2,100

2,300

2,500

2,700


$ m

illio

n

Sales Tax CollectionsMonthly Receipts

FY 13-14 FY 14-15 FY 15-16 EST 16-17 ACT 16-17

19,064.6

20,718.0

21,941.9

23,177.5

23,061.1

0 5,000 10,000 15,000 20,000 25,000

FY 13-14

FY 14-15

FY 15-16

EST 16-17

ACT 16-17

$ million

Sales & Use Tax ReceiptsFiscal Years through April

0

50

100

150

200

250

300

350

400

450


$ m

illio

n

Corporate Tax CollectionsMonthly Receipts

FY 13-14 FY 14-15 FY 15-16 EST 16-17 ACT 16-17

1,627.53

1,764.12

1,736.62

1,593.45

1,722.17

30 230 430 630 830 1,030 1,230 1,430 1,630 1,830 2,030

FY 13-14

FY 14-15

FY 15-16

EST 16-17

ACT 16-17

$ million

Corporate Income Tax ReceiptsFiscal Years through April

120

140

160

180

200

220

240

260


$ m

illio

n

Doc Stamps Tax CollectionsMonthly Receipts

FY 13-14 FY 14-15 FY 15-16 EST 16-17 ACT 16-17

1,528.4

1,740.3

1,877.2

1,967.2

1,988.8

30 530 1,030 1,530 2,030 2,530

FY 13-14

FY 14-15

FY 15-16

EST 16-17

ACT 16-17

$ million

Doc Stamps Tax ReceiptsFiscal Years through April

15

20

25

30

35


$ m

illio

n

Non-Recurring Intangible Tax CollectionsMonthly Receipts

FY 13-14 FY 14-15 FY 15-16 EST 16-17 ACT 16-17

215.2

245.0

274.4

303.1

306.1

10 60 110 160 210 260 310 360

FY 13-14

FY 14-15

FY 15-16

EST 16-17

ACT 16-17

$ million

Non-Recurring Intangible Tax ReceiptsFiscal Years through April

0

20

40

60

80

100

120

140

160

180

200


$ m

illio

n

Insurance Premium Tax CollectionsMonthly Receipts

FY 13-14 FY 14-15 FY 15-16 EST 16-17 ACT 16-17

510.1

507.1

519.3

525.2

533.1

490.0 495.0 500.0 505.0 510.0 515.0 520.0 525.0 530.0 535.0 540.0

FY 13-14

FY 14-15

FY 15-16

EST 16-17

ACT 16-17

$ million

Insurance Premium Tax ReceiptsFiscal Years through April

130

135

140

145

150

155

160

165

170

175

180

185

190


$ m

illio

n

Communication Services Tax CollectionsMonthly Receipts

state rate change from 6.65 to 4.92 effective 7/1/2015

FY 13-14 FY 14-15 FY 15-16 EST 16-17 ACT 16-17

1,753.66

1,724.93

1,505.12

1,403.68

1,368.90

130.0 330.0 530.0 730.0 930.0 1,130.0 1,330.0 1,530.0 1,730.0 1,930.0

FY 13-14

FY 14-15

FY 15-16

EST 16-17

ACT 16-17

$ million

Communication Services Tax ReceiptsFiscal Years through April

35

40

45

50

55

60

65


$ m

illio

n

2.5% Gross Receipts Tax CollectionsMonthly Receipts

FY 13-14 FY 14-15 FY 15-16 EST 16-17 ACT 16-17

515.2

532.0

536.7

524.5

514.7

20.0 120.0 220.0 320.0 420.0 520.0 620.0

FY 13-14

FY 14-15

FY 15-16

EST 16-17

ACT 16-17

$ million

2.5% Gross Receipts Tax ReceiptsFiscal Years through April

270

280

290

300

310

320

330

340

350

360

370


$ m

illio

n

Fuel Tax & Fee CollectionsMonthly Receipts

FY 13-14 FY 14-15 FY 15-16 EST 16-17 ACT 16-17

2,904.5

3,024.1

3,006.2

3,129.3

3,102.8

2,750.0 2,800.0 2,850.0 2,900.0 2,950.0 3,000.0 3,050.0 3,100.0 3,150.0

FY 13-14

FY 14-15

FY 15-16

EST 16-17

ACT 16-17

$ million

Fuel Tax & Fee ReceiptsFiscal Years through April

0

2

4

6

8

10

12


$ m

illio

n

Severance Tax CollectionsMonthly Receipts

FY 13-14 FY 14-15 FY 15-16 EST 16-17 ACT 16-17

40.5

29.5

28.0

27.8

26.8

2.0 7.0 12.0 17.0 22.0 27.0 32.0 37.0 42.0

FY 13-14

FY 14-15

FY 15-16

EST 16-17

ACT 16-17

$ million

Severance Tax ReceiptsFiscal Years through April

Documents

STATE OF FLORIDA DEPARTMENT OF REVENUE REVENUE COLLECTION REPORTfloridarevenue.com/taxes/PDF/mcr0417.pdf · 2017. 5. 23. · STATE OF FLORIDA DEPARTMENT OF REVENUE REVENUE COLLECTION