The Alabama Department of Revenue's May 2015 Revenue Abstract was recently released and shows a steady, if not overwhelming, 4.27% increase in overall net revenue for the 2014-2015 fiscal year to date.
The increase comes at a time when the Alabama Legislature and Alabama Governor Robert Bentley are at an impasse on the state's General Fund budget, which is mostly comprised of low or no-growth taxes. Most growth taxes in Alabama are earmarked for the state's Special Education Trust Fund.
Interestingly, while Governor Bentley has been calling for corporations to "pay their fair share," the largest percentage increase in collections for any tax for the fiscal year to date is for corporate income taxes, with a whopping increase in collections of 55% over last fiscal year to date. That represents an additional $100 million in corporate income taxes paid. Overall, however, corporate income taxes still only amount to a little more than 12% of the individual income taxes paid by Alabamians.
Meanwhile, sales and use taxes, which are an indicator of Alabama's economic strength and vitality are up, but not robustly.
For the detailed revenue abstract, click here.
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