Counties see positive growth in tax collections

Despite the past two years of business shutdowns and the unpredictable financial status of the future because of the COVID-19 pandemic, White and Van Buren counties have continued to grow in state and local sales tax collections.

In the most recently released state revenues collection report, which was for the month of July 2021, White County saw an increase in state sales tax collections over July 2020. State sales tax collections were listed as $1,727,850 for July 2021 and $1,551,856 for July 2020. Local sales tax collections were $656,384 for July 2021 and $560,482 for July 2020.

In Van Buren County, state sales tax collections for July 2021 were $182,886 and $167,525 for July 2020. Local sales tax collections were $103,372 for July 2021 and $83,321 for July 2020.

Statewide, July 2021 revenues were $1.5 billion, which is $389.4 million less than the state received in July 2020 and $286.6 million more than the budgeted estimate.

General fund revenues were more than the budgeted estimates in the amount of $260.9 million and the four other funds that share in state tax revenues were $25.7 million more than the estimates.

Sales tax revenues were $246.5 million more than the estimate for July and were 20.75 percent more than July 2020. For the year, revenues are $1,903.4 million higher than estimated and the annual growth rate is 15.39 percent. (*UPDATED*) Remote sales and marketplace facilitator laws contributed $54.4 million to sales tax receipts for the month represent 35.16 percent of all sales tax growth to the state for the year.

Franchise and excise tax revenues combined were $12.3 million greater than the budgeted estimate in July.

Gasoline and motor fuel revenues for July increased by 8.66 percent compared to July 2020, and they were $8.2 million more than the budgeted estimate of $106.2 million. For the year, revenues exceeded estimates by $2.1 million.

Motor vehicle registration revenues were $2.4 million more than the July estimate, and on a year-to-date basis, revenues are $18.8 million more than the estimate.

Tobacco tax revenues were $1.1 million more than the July budgeted estimate of $19.7 million. For the year, they are $16.8 million more than the budgeted estimate.

Hall income tax revenues for July were $0.2 million less than the budgeted estimate. August through July, revenues are $22.4 million less than the budgeted estimate.

Privilege tax revenues were $14.9 million more than the July estimate, and on a year-to-date basis, August through July, revenues are $114 million more than the estimate.

Business tax revenues were $0.1 million less than the July estimate of $10.5 million. For the year, revenues are $44.1 million more than the budgeted estimate.    

Mixed drink, or Liquor-by-the-drink, taxes were $2 million more than the July estimate.  For the year, revenues are $19.7 million less than the budgeted estimate.    

All other tax revenues were less than estimates by a net of $0.5 million.