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Florida 2015-16 general revenue boosted by extra billion in sales tax

in Statewide/Top Headlines by

State economists released a rundown of state revenue streams Monday, including the sources for Florida’s $28.41 billion in general revenue funds.

According to the 2016 Florida Tax Handbook, the state sales tax looks to see the biggest gains in the 2015-16 fiscal year. Sales tax makes up 77 percent of the state’s general revenue funds; the expected $21.87 billion haul represents an increase of about $1.07 billion from last year.

The corporate income tax was the only other general revenue stream economists are bullish on over the next year. The tax is expected to bring in about $2.12 billion, compared with $1.88 billion in 2014-15. Corporate filing fees, likewise, saw a gain of around $10 million.

Documentary stamp tax revenue held at about the same level as last year, with most remaining taxes seeing dips compared with last year: Insurance taxes brought in $85 million less, while court service charges slipped by $45 million and dropped by more than $168 million year over year.

Drew Wilson covers legislative campaigns and fundraising for SaintPetersBlog and FloridaPolitics.com. While at the University of Florida, Wilson was an editor at The Independent Florida Alligator and after graduation, he moved to Los Angeles to cover business deals for The Hollywood Reporter. Before joining Extensive Enterprises, Wilson covered the state economy and Legislature for LobbyTools.

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